Dennis Nyren, a principal with locally based MJ Partners CapitalServices, says the development at 3030 N. Broadway St. will beconstructed in two phases. The estimated cost for the 150,000-sfphase one is about $50 million, he tells GlobeSt.com.

First Bank in St. Louis and M&I Bank in Milwaukee providedfirst mortgage financing to cover pre-development costs andrefinance a loan for the land acquisition. Nyren says the financinghas a three-year term and a loan-to-value of 75%.

Nyren and Jeff Jacobsen, also with MJ Partners, arrangedfinancing. The locally based joint venture will use the funds forpre-development expenses like a sales office, Nyren says.

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