U.S. Bank, Dominium Raise $72 Million for Brewery RedoBy Robert Carr, Contributing WriterPenton Business Media
ST. PAUL, MNMinneapolis-based U.S.Bancorp, through its subsidiary U.S. Bank, has partnered withPlymouth, Minn.-based Dominium to raise $72.5 million in financingto redevelop the former Schmidt Brewery here.
The joint venture has closed on a $48.2 million constructionloan and $24.3 million letter of credit to finance the planned260-unit Schmidt Brewery Artist Lofts, an adaptive reuse thehistoric brewery. The city is also contributing incentives to theproject, with additional assistance by the Metropolitan Council,Ramsey County and the states Department of Employment &Economic Development.
Permanent financing is being provided by Cornerstone Real EstateAdvisors (Mass Mutual). U.S. Bank also served as the state historictax credit (HTC) purchaser through its State Tax CreditClearinghouse.
The project will be a full-scale renovation and reconfigurationof the existing Schmidt Brewing Company Bottling House and BrewHouse. The proposed work will address structural and deferredmaintenance issues associated with the age of the buildings.We are extremely excited about starting to bring thehistoric Schmidt Brewery back to life, said Owen Metz,senior development associate and project lead for Dominium.
The overall development will include 121 units in the BottlingHouse, 126 units in the Brew House and 13 new constructiontownhouse units built on a vacant lot adjacent to the BottlingHouse. To attract artists, common amenities will include ayoga/pilates studio, dance studio, pottery studio, play/performancestudio, sound studios, paint studio, clay studio, kiln room, toolshop/frame room, and multiple gallery spaces and art display walls.The property will also have a fitness center, multi-purpose space,pre-function hall, bike storage, lobby/reception area, andconference room.
Construction is set to commence by the end of this month, and isscheduled to be completed by June 2014. Weis Builders is thegeneral contractor and the BKV Group is the architect.