NEW YORK—ARC Realty Finance Trust announced that it closed on its first portfolio investment—a $6.5 million mezzanine loan originated as part of a $57.5 million total financing provided to the ownership of the W Minneapolis, located in downtown Minneapolis, Minn.
The W Minneapolis is a 32-story, 229-room, full service luxury hotel. It is one of Minneapolis’ landmark buildings and is recognizable part of the Minneapolis skyline. Also known as “The Foshay,” the property was modeled after the Washington Monument when built in 1929 and was added to the National Registry of Historic Places in 1978 as an example of Art Deco architecture. The Foshay was originally configured as office space until 2006 when current ownership acquired, extensively renovated, and repositioned the property as the W Minneapolis.
The top floor of the property offers the only observation deck in Minneapolis providing 360-degree views of the city.