NKF Capital Markets successfully arranged a $23 million refinancing loan for the Hewing Hotel in Minneapolis. Executive managing director Ben Greazel of NKF’s Chicago Capital Markets group originated the four-year, nonrecourse loan on behalf of the borrower. Greazel secured the financing with Chicago based Alliant Credit Union.
Hewing Hotel, which opened in 2016, was co-developed by Chicago-based Aparium Hotel Group, which also owns and manages the hotel. Located at 300 N. Washington Ave., the property inhabits a century-old brick-and-timber warehouse in Minneapolis’s historic North Loop neighborhood, which has been reshaped into a 124-room and 14-suite hotel with original pine timber beams; local artwork; a fitness center; a rooftop bar; a spa; a pool, a sauna; and a street-level restaurant, Tullibee.
“Hewing Hotel’s unique design combined with Aparium’s expertise at hospitality management resulted in a tremendous opening success that made this financing possible,” Greazel said in a statement.
Founded in 2011, Aparium Hotel Group is a Chicago-based lifestyle hotel company owned and operated by industry veterans with experience in hotel development, management and marketing. Each of Aparium’s properties are independent brands and celebrate the specific neighborhoods and unique history of the distinct cities in which they reside. Aparium currently operates 11 hotel properties across the United States, with eight new projects in various stages of development.
NKF is a commercial real estate advisory firm. Together with London-based partner Knight Frank and independently owned offices, NKF's 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.