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I
<br />I
<br />
<br />MEMBER
<br />TO
<br />MEMBER
<br />
<br />BANCO MORTGAGE COMPLETES
<br />MIDLAND SQUARE FINANCING . . .
<br />Banco Mortgage Company announced its Commercial
<br />Loan Division has completed arrangements for more than
<br />$10,600,000 of financing for the Midland Square Office
<br />Building, located on the northeast comer of South Fourth
<br />Street and Second Avenue in downtown Minneapolis. The
<br />building will contain approximate]y 120,000 square feet
<br />and ~dll house thc drive-in teller facility for Midland
<br />National Bank. The nine-story office building will
<br />provide three skyways linking eight northern blocks with
<br />20 other downtown blccks already on the system.
<br />
<br />Both the permanent and interim financing were arranged
<br />through Mutual of New York Insurance Company in
<br />joint venture with Kraus-Andcrson Realty Company
<br />and Banco Properties, Inc.
<br />
<br />Banco Mortgage Company is the third largest mortgage
<br />banker in the country, servicing $5 billion in loans through
<br />its 58 offices located in 18 states. It is a full service
<br />mortgage banking operation providing long and short
<br />term financing, secondary market financing, standby
<br />financing, tax-exempt financing, and real estate sales
<br />consulting.
<br />
<br />James M. Bi faro, Vice Presidentand Manager of Banco's
<br />Commercial Income Loan office, was responsible for
<br />arranging the financing.
<br />
<br />... KRAUS-ANDERSON HOLDS
<br />GROUNDBREAKING CEREMONIES
<br />On August 5, 1981 Kraus-Anderson Realty Company
<br />officials conducted the groundbreaking ceremonies for the
<br />Midland Square Office Building located at 4th Street
<br />and 2nd Avenue in downtown Minneapolis. The nine-story
<br />building with its shimmering glass exterior will connect
<br />with the city's nationally-known skyway system, uniting
<br />
<br />close to 40 build-
<br />ings and park-
<br />ing ramps.
<br />The skyways of
<br />Midland Square
<br />will also ulti-
<br />mately connect
<br />several gate-
<br />way office build-
<br />ings, condomin-
<br />iums, apart-
<br />ments and park-
<br />ing facilities.
<br />
<br /> The Midland Square building will feature distinctive office
<br /> space designed specifically for small- to medium-sized
<br /> tenants. There will also be a drive-in facility for Midland
<br /> Bank, and retail space will be available on the ground floor
<br /> and skyway level.
<br />This project is a joint venture of Banco Properties, Inc.,
<br />Kraus-Anderson Realty Company, and Mutual of
<br />New York. The project is expected to be ready for
<br />_occupancy in the summer of '82. Kraus-Anderson Realty
<br />Company will handle the leasing and management of the
<br /> building.
<br />
<br />NEW HEADQUARTERS FOR
<br />MINNESOTA SUPPLY COMPANY
<br />Getting ready to roll at the groundbreaking ceremonies for
<br />Minnesota Supply Company's new corporate head-
<br />quarters at 6470 Flying Cloud Drive, Eden Prairie
<br />are, left to right on the caterpillar: Robert Garwood,
<br />past President of Minnesota Supply Company;
<br />Bradley A.
<br /> ~ Hoyt, Vice
<br /> ~ ~ ~ t/ ~ President of
<br />
<br /> ~ ~ . merit Comp-
<br /> ~ ~ _~J~LT~ ~!! :':. ~::~'-'~i::~ ~ any; Steve
<br /> ~ ' : ~ ~_-~)~_~L_ ~ ? ~ ~ Hoyt, General
<br />~ ' . .~ _z :.~ ~ .... ~ .... ~: i- Partner, Hoyt
<br />.~-~-:-v'~~ (~:~:t~'-~ D~'~ '/ Construction
<br />
<br />:,~ ~ ~; ?~ ~ ..~;, ~ ~ John D. Gatz-
<br />:'- : -~] ~, ~ ~ ]~ · ~'~ laff, Vice
<br />~'~ ] ~: ~ ~ '~ ' President of
<br />First Bank Southdale; Dan K. Wallace, Chairman of
<br />the Board of Minnesota Supply Company; John E.
<br />Stromsness, President of Minnesota Supply Com-
<br />pany. In ~ont of the caterpillar, left to ~ght, are: Chet K.
<br />Stone, Chairman Emeritus of Minnesota Supply
<br />Company; Ruth Kincaid, ~easurer for Minnesota
<br />Supply Company; and Wolf Penzel, Mayor of Eden
<br />Prairie.
<br />First ~ank Southd~le is pro~ng financing for the
<br />project and Hoyt Development Company has been
<br />named developer and general contractor. Minnesota
<br />Supply Company is presently located at 3529 Raleigh
<br />Avenue South, ~nneapo~s.
<br />
<br />SHAPIRO NAMED
<br />AT KERR CO'S.
<br />Douglas A. Schapiro, 24,
<br />has been named assistant ,.
<br />controller of The Kerr
<br />Companies, Inc., a Min-
<br />neapolis-based real estate
<br />investment and develop-
<br />ment firm, according to a
<br />recent announcement by
<br />Norman J. Kerr, presi-
<br />dent of the firm.
<br />Schapiro joins The Kerr
<br />Companies from Jacobs Industries, Inc., Minneapolis. A
<br />native of Iowa City, IA, he is a ~979 graduate of the
<br />University of Iowa with a BBA degree. Schapiro is single
<br />and makes his home in Brooklyn Park.
<br />
<br />The Kerr Companies, Inc. is involved in real estate
<br />investment, office building and hotel development in
<br />Minneapolis, Minnesota, and Dallas and Austin, Texas.
<br />
<br />FABCON AWARDED CONTRACT
<br />WITH FASTGROW, INC.
<br />Fabcon, Incorporated, has been awarded a contract
<br />from Kraus-Anderson of St. Paul to furnish insulated
<br />precast panels on a project for FastGrow, Inc. The project
<br />will be located at Fillmore Avenue and Wabasha Street fix
<br />St. Paul. FastGrow, Inc., a new business, will produce
<br />hydroponic vegetables and tree seedlings.
<br />
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