Dayton s Project owners ask court for time to get financing together
Dayton s Project owners ask court for time to get financing together Judge hears arguments as Dayton s Project owners request temporary restraining order to prevent a takeover by hedge fund, reveal possible new lender in $350 million project. August 3, 2021 6:42pm Text size Copy shortlink:
After a brutal volley of accusations, the future ownership of the Dayton s Project office building on Nicollet Mall is in the hands of a Minnesota judge.
During a virtual hearing Tuesday, Hennepin County District Judge Susan Burke weighed a temporary restraining order requested by the current owners to prevent the sale of the ownership interests of the 12-story former department store building in downtown Minneapolis that is beloved by generations of nostalgic Minnesotans.
Judge sets Dayton s Project hearing for next week – Finance & Commerce
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CareRite Pays $35M for South Miami-Dade Nursing Center
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Dayton s Project lender throws new wrinkle: foreclosure sale The city of Minneapolis supports the developer and plans to weigh in on court battle. July 13, 2021 5:26pm Text size Copy shortlink:
A key lender of the Dayton s Project on Nicollet Mall now wants to auction off the loan to the highest bidder, a move the project s developer along with the city of Minneapolis and downtown boosters plan to fight in court.
New York-based Monarch Alternative Capital purchased the original $78 million mezzanine loan on the iconic, but mostly vacant, former Minneapolis department store from investor Angelo Gordon in February.
In recent weeks, however, Monarch informed the developer and owner of the Dayton s Project, 601 Minnesota Mezz, that it considers the collateralized loan in default because it missed key leasing targets and deadlines.