CRE W Minnesota

Opus gains funds for major developments in Iowa and Minnesota

Minneapolis-based Opus Development Corporation recently announced the closing of two loans with TCF Bank totaling more than $32 million. The loans will fund projects in Des Moines and Minneapolis.

Minneapolis-based Opus Development Corporation recently announced the closing of two loans with TCF Bank totaling more than $32 million. The loans will fund projects in Des Moines and Minneapolis.

“Our ability to obtain this construction financing is another sign of momentum within our industry and at our company as the commercial real estate market continues to recover,” said Dave Everson, vice president, sales and finance, for Opus Development Corporation.

A loan was secured for Stadium Village Flats, an apartment and retail complex located in Stadium Village near the University of Minnesota’s East Bank campus. A second loan will fund a 300,000-square-foot industrial facility for a Fortune 100 company in Des Moines.

“We are pleased to have the support of TCF Bank as we embark on two major development projects in the Minneapolis and Des Moines markets,” said Tom Shaver, president and chief executive officer of Opus Development Corporation.

Construction is already underway on both projects. The industrial facility is scheduled for completion in February 2012 while Stadium Village Flats will conclude in fall 2012.