Wings Financial is in the process of foreclosing on a portion of the Normandale Lakes Office Park due to unpaid mortgage payments.

One paragraph summary:

Minnesota’s largest credit union, Wings Financial Credit Union, is seeking to foreclose on the 8200 Tower of the Normandale Lake Office Park in Bloomington after the current owner, Opal Holdings, failed to keep up with mortgage payments. Opal Holdings acquired the office park for $366 million in 2022, with Wings providing the financing for the deal. Wings Financial claims Opal owes $40.3 million on its mortgage and is accruing interest daily. The park’s occupancy rate is in the mid-80s percentile, but Opal has not fully paid nearly $10 million in property taxes to Hennepin County. Wings is seeking to appoint a receiver to oversee the management and sale of the property.

Bullet points:

– Wings Financial Credit Union is seeking to foreclose on the 8200 Tower of the Normandale Lake Office Park in Bloomington
– Opal Holdings acquired the office park for $366 million in 2022, with Wings providing financing
– Opal owes $40.3 million on its mortgage and is accruing interest daily
– The park’s occupancy rate is in the mid-80s percentile
– Opal has not fully paid nearly $10 million in property taxes to Hennepin County
– Wings is seeking to appoint a receiver to oversee the management and sale of the property



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