Opus Closes $32 Million in Loans for Two Major Construction Projects

9/8/2011
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MINNEAPOLIS, Minn. - Opus Development Corporation announced today the closing of two loans with TCF Bank totaling more than $32 million. The loans will fund projects in Des Moines, Iowa 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, 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. 

About The Opus Group
The Opus Group™ is a family of national commercial real estate companies headquartered in Minneapolis, with expertise in development, project management and construction, architecture and engineering, finance, sales and leasing. The Opus Group includes Opus Holding, L.L.C. and Opus Holding, Inc. and their operating subsidiaries, Opus Development Corporation, Opus Design Build, L.L.C. and Opus AE Group, Inc. Specializing in office, industrial, retail, residential living, institutional and government projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com.