MINNEAPOLIS-A commercial real estate jointventure of Invesco Real Estate and ZellerRealty Group have secured $95 million in financing for the1.1-million-square-foot Fifth Street Towers complex here at 100 and150 S. Fifth St. The venture purchased the officeproperty, about 65% occupied, for $110.7 million at asheriff’s sale in April.

The Minneapolis and Dallas Debt & Equity Finance teams ofCBRE arranged the financing with Wells Fargo Bank. The three-year,floating rate financing provides an initial funding of about $62million, with a commitment to fund additional proceeds of futurecapital expenditures and leasing costs as the plan toreposition the property unfolds. A CBRE broker on thedeal did not return a call for comment.

Strategic Real Estate Advisors had purchased the two 30-year-oldtowers in 2007 for $186 million, but lost a major tenant, QuestCommunication, in 2009. The majority of the equity capital for theinvestment was provided by the Invesco Mortgage Recovery Fund,Invesco’s real estate opportunity fund, which is co-managed byInvesco, WL Ross & Co. and Invesco Fixed Income.