Retail W Minnesota

Dougherty Funding plays key financial role in expansion of Mall of America

Dougherty Funding LLC has closed on the latest financing for the much-anticipated expansion of the Mall of America in Bloomington, Minn.

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Dougherty Funding LLC has closed on the latest financing for the much-anticipated expansion of the Mall of America in Bloomington, Minn.

The expansion, which will be located on the north side of the existing mall, will include more than $250 million in new construction once completed. The official ground-breaking took place on March 18.

Labeled by Mall officials as 1-C Expansion, the newest expansion will include a 342-room JW Marriott luxury hotel; 160,000 square feet of upscale retail shops; a new dining area; an underground, 545-space parking ramp; and an office building.

Previous expansion also took place in December of 2011 with the $120 million construction of the 500-room Radisson Blu Hotel, which Dougherty financed and served as disbursing agent.  The hotel opened in March of 2013.

Dougherty’s involvement in the remaining development of the 1-C Expansion comprises multiple roles, including lender, placement agent and master disbursing agent.