Obra Real Estate And Green Pine Real Estate Provide $38M Loan For Washington Square Portfolio In Minneapolis
100 Washington Avenue South, 111 Washington Avenue South & 25 North 1st Street
$38,000,000
$51/SF
Building Size
469,856 SF
Asset Type
Office
Closing
Oct 22, 2025
About this deal
AI
The Washington Square Portfolio consists of two Class-A office towers with a total of 745,666 rentable square feet and a stand-alone 870-stall parking structure located at 100 Washington Avenue South, 111 Washington Avenue South, and 25 North 1st Street in downtown Minneapolis.
Summary of transaction details:
- Property Type: Office & Parking
- Transaction Amount: $38,000,000
- Lender: Obra Real Estate & Green Pine Real Estate
- Landlord: Pioneer Acquisitions
- Loan Type: Acquisition
- Date: 10/23/2025
Obra Real Estate and Green Pine Real Estate structured an A/B Note structure for this transaction, specifically for the Washington Square Portfolio.
Players
Minneapolis Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93