MINNEAPOLIS—US Bank and United Properties have just closed on a $61 million construction loan for Be The Match's new headquarters in downtown Minneapolis. Set for completion late next year, the North Loop facility will eventually house around 900 of the nonprofit's employees currently located throughout the metro area.
“Target Field and the light-rail expansion have proven to be catalysts for growth in downtown Minneapolis, particularly in the North Loop neighborhood,” says Joseph Hoesley, vice chairman for US Bank Commercial Real Estate. “We expect this project to have a ripple effect tapping into the potential for additional retail and residential development in the surrounding area.”
Minneapolis-based Be The Match, formally known as the National Marrow Donor Program, unveiled its relocation plans last year and broke ground on the new 240,000-square-foot building last month. The organization, which promotes marrow and cord blood transplantation and is the largest registry of such donors, will lease the space from United Properties, a commercial real estate firm in suburban Bloomington.
“This development has been highly-anticipated by downtown Minneapolis' business and civic communities,” says Frank Dutke, president for United Properties. “In United Properties, Be The Match and US Bank, we have three Twin Cities-based firms coming together to make possible a project that encapsulates downtown's potential for growth.”
United Properties is a privately-owned development and investment firm with offices in Minneapolis and Denver and properties in Minnesota, Wisconsin, Colorado and Illinois.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
