June 09, 2014
Mortenson, the largest real estate developer and builder in Minnesota, today announced the start of construction on 4Marq, a 30-story, 262-unit luxury apartment tower located at 400 Marquette Avenue South in downtown Minneapolis. The company is the developer and design-builder of the project, which is scheduled for completion in the first quarter of 2016.
The construction of 4Marq will complete redevelopment of the Fourth Street South/Marquette Avenue South block in the downtown core of Minneapolis. Located along the Light Rail Transit (LRT) line, 4Marq will be one block from Nicollet Mall and adjacent to the Minneapolis Public Library. The location is centrally-located near entertainment and business, and only blocks from Target Field, Target Center, and the new Minnesota Multi-Purpose Stadium.
“Minneapolis is undertaking transformative redevelopment on many levels,” said Bob Solfelt, vice president and general manager at Mortenson Development. "The 4Marq project aligns with the Minneapolis Downtown Council's 2025 Plan. Expanding the residential population of downtown to 70,000 has to start block by block; and we're excited to do our part by helping to develop a neighborhood around the Nicollet Avenue Station."
Mortenson also announced American International Group, Inc. (NYSE: AIG), as a capital partner and owner of the project.
Construction and permanent financing is being provided by New York Life Real Estate Investors, which manages approximately $36 billion of real estate debt and equity investments.
“We are excited to work with such well-established sponsors on this project, which allowed us to pair our technical expertise and market knowledge to provide a well-structured, long-term loan,” said John Lippmann, who manages New York Life Real Estate Investor’s national construction and bridge lending platform.
• 30-story luxury apartment building with studio, one, two and three bedroom units
• On-site parking for tenants in above ground parking ramp
• Pet washing station and dog run
• Commercial-sized laundry for larger items as well as in-unit laundry
• Lobby level including concierge, lounge space and available commercial space
• Located on the Light Rail Transit line, adjacent to Nicollet Mall Station
• 30th floor amenity space with party and media rooms, yoga studio, business center, outdoor fireplace, gas grills, indoor and outdoor lounge areas and a 360-degree viewing deck available to all tenants
• Views of Mississippi River and Minneapolis skyline
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of New York Life Investments* and NYL Investors, LLC, wholly-owned subsidiaries of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully integrated real estate divison with more than 100 professionals. New York Life Real Estate Investors has market leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including: real estate equity investments, commercial mortgage loans, commercial mortgage backed securities and unsecured REIT bonds. As of March 31, 2014, New York Life Real Estate Investors manages approximately $36 billion in AUM and is actively seeking to acquire additional properties throughout the U.S.
*New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. New York Life Investment Management LLC is a wholly-owned indirect subsidiary of New York Life Insurance Company.
Founded in 1954, Mortenson is a U.S.-based, family-owned construction and development services company. As one of the nation's top builders, Mortenson Construction provides a complete range of services, including planning, program management, preconstruction, general contracting, construction management, and design-build. Mortenson Development is a leader in developing all asset types and currently has more than $410 million of projects under development nationwide.
Mortenson has offices in Chicago, Denver, Iowa City, Madison, Milwaukee, Minneapolis, Phoenix, Portland, San Antonio, Seattle and Toronto. For more information, visit mortenson.com.