Newmark has successfully arranged a $77,200,000 construction loan for Block 9, a new $125,000,000 mixed-use development in downtown Fargo, North Dakota.
Located in the heart of downtown Fargo at the corner of Broadway and Second Avenue North, Block 9 will be transformed from a 48,000-square-foot surface-level parking lot into an 18-story, mixed-use tower. The project, which broke ground in September 2018, includes headquarters for R.D. Offutt Company, ground floor retail, a boutique hotel that will be managed by Chicago-based Aparium Hotel Group, a restaurant and residential condominiums.
Executive Managing Director Ben Greazel of Newmark’s Chicago Capital Markets group originated the construction/ mini-perm loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Company. Greazel secured the financing with a syndicate of banks led by First National Bank of Omaha.
“We are fortunate to assist Kilbourne Group and R.D. Offutt Company with a solution to their financing needs,” said Greazel. “Block 9 is a first-class, dynamic project that will serve as the focal point of the current transformation underway in downtown Fargo,”
About Kilbourne Group
Founded in 2006, Kilbourne Group is a collective team that is committed to inspiring and supporting the redevelopment of downtown Fargo. The Kilbourne Group team shares the vision of retaining and carrying forward the history of Fargo through thought leadership, the restoration of historic buildings and the creation of new buildings that honor the past while inspiring the future.
About R.D. Offutt Company
R.D. Offutt Company is a family-owned and -operated company comprised of numerous business entities in the agriculture/construction equipment, farming, and food production industries including RDO Equipment Co. which sells and supports agriculture, construction, environmental, irrigation, positioning, and surveying equipment in 78 locations in nine states, and through partnerships in Africa, Australia, Mexico, Russia, and Ukraine; R.D. Offutt Farms, which owns and operates farming locations and has ownership in several production facilities throughout the upper Midwest; Threemile Canyon Farms in northeast Oregon, a leader in sustainable, closed-loop dairy and organic farming practices; and PROffutt, a real estate development, land management, and heavy construction company.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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