O’Brien-Staley Partners Completes $61 Million Refinancing for Excelsior Crossings

Kari Johnson, Managing Director, Product Specialist, O'Brien-Staley Partners ● Photo Credit: O'Brien-Staley Partners

EDINA, Minn., September 6, 2024 (VSNewsNetwork.com) – O’Brien-Staley Partners (OSP), in partnership with Dry Creek Capital Partners, has successfully completed a $61 million refinancing of Excelsior Crossings, a Class A office complex located in Hopkins, Minnesota. The complex consists of two seven-story office buildings with a total of 519,228 net rentable square feet. The property, constructed in 2008, recently underwent upgrades, including the addition of several amenities and the achievement of LEED Gold certification.

Excelsior Crossings building in Minnesota ● Photo Credit: O'Brien-Staley Partners

Excelsior Crossings currently boasts a 98% occupancy rate, with a mix of tenants that includes a money center bank occupying half of the available space, alongside four other corporate tenants. OSP’s refinancing strategy places a strong emphasis on the creditworthiness of the tenants, reflecting the firm's focus on lease terms and counterparties in navigating today’s market conditions.

Kari Johnson, Managing Director at OSP, who led the refinancing deal, commented on her connection to the property, stating, "I know the property intimately, having worked there myself years ago. We conducted extensive due diligence to understand the post-COVID landscape and are confident in our investment."

Legal representation for OSP was provided by Alison Bure of Faegre Drinker Biddle & Reath LLP.

For more information on O’Brien-Staley Partners and its investment strategies, visit osp-group.com.

Source: O’Brien-Staley Partners via Newswire