MINNEAPOLIS — PCCP LLC has provided a $43.1 million senior loan to Provident Real Estate Ventures LLC for the renovation and repositioning of Mayo Clinic Square, a 217,354-square-foot mixed-use project in downtown Minneapolis, formerly known as Block E. Located at 600 Hennepin Ave., the property was originally developed in 2001 as a mixed-use shopping and entertainment center. The building is now undergoing a renovation to the exterior façade, interior atrium and skyway level entrance. Several new restaurant spaces are also being added. The property also features a parking deck and billboard space. Earlier this year, the Mayo Clinic announced that it would open a sports medicine facility in partnership with the Minnesota Timberwolves and Lynx Ownership group. The facility will focus on sports medicine, enhanced athletic training, rehabilitation and physical therapy. The sports medicine facility is scheduled to open later this year. The Timberwolves have signed a long-term lease to use the property as its corporate office and state-of-the-art practice and training facility.
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