The Foshay Tower, a landmark building in downtown Minneapolis, is facing foreclosure after its owners failed to pay off its $51 million mortgage.
The Star-Tribune reports the mortgage’s maturity date came in May 2025. Deutsche Bank filed the complaint as a trustee acting on behalf of bondholders who invested in an affiliated commercial mortgage-backed security. The bank is asking for the appointment of a receiver who will manage the property, along with roughly $43 million in unpaid principal, interest and fees.
The 32-story Art Deco property was built in 1929 as the corporate headquarters for utilities mogul Wilbur Foshay. It was the tallest building in Minneapolis until 1972 when the IDS Center was constructed and was added to the National Register of Historic Places in 1978.
The property reconfigured from an office building into the 230-room W Hotel in 2008.
Photo courtesy Wikimedia Commons
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