Thursday, March 9th (4 - 6:30pm) @ Minneapolis Club
The TMA MN Chapter is excited to announce that the presentation of our 2022 Transaction of the Year award winners, Alliance Management and STINSON, will take place on the afternoon of March 9th at Minneapolis Club. We hope you can join us for this special event.
Case Background: Together a team of financial professionals and attorneys preserved a vision for economic growth in the North Side of Minneapolis. The former headquarters building for Thor Construction at the corner of Penn Avenue North and Plymouth Avenue North represented a monument to progress toward economic development and collaboration in the North Minneapolis community. After Thor Construction collapsed in 2019 and disappeared as the owner and operator of the building, no one was left to make important operating decisions for the building, which caused the viability of the leases and other contractual commitments to be at risk. In October 2019, Old National Bank placed Thor HQ into receivership and Alliance Management was appointed as the receiver. Alliance hired Stinson, LLP to serve as receiver's counsel.
Alliance had four goals while operating as the receiver: market and sell the building, resolve any lien validity and priority disputes, preserve the tax financing structure, and preserve the building's role as a cornerstone of economic growth in the neighborhood. The successful negotiation with Ground Floor LLC allowed Alliance to satisfy each of its goals. Under the ownership and leadership of Ground Floor, the building’s buyer, the building will serve its original purpose of driving commercial development in the neighborhood. Tenants critical to the local community now have a stable landlord and are able to invest more in the building. The lenders have a new financially stable borrower and have preserved their tax credit financing deals. The mechanic's lien holders were paid fair settlements and released their liens.
Contact the Chapter Admin at Minnesota@Turnaround.org prior to March 1 and there will be no charge. Cancellations received after 3/1 (and event no-shows) will be charged the full applicable registration fee. Substitutions are allowed, however if substitute is not a member, the difference in the fee will be requested.
