When a legacy multifamily apartment building went on the market in Excelsior, Hegenes Properties immediately saw the potential. Though the units hadn’t been updated in some time, the location was ideal: downtown Excelsior, around the corner from an abundance of boutiques, coffee shops, restaurants, and just steps from Lake Minnetonka.

“It was a very competitive process, around 25 bids,” says Hegenes Properties president Ryan Sather, who turned to Adam Benjamin, senior vice president and commercial banking team lead for Bridgewater Bank, for support. “Adam told us, ‘If you love it, place your bid. We’ll work with you to make it happen.’”

Hegenes Properties ended up winning the bid and undertaking a top-to-bottom renovation of the property. “We worked together to define their vision and craft a tailored solution for the project,” says Benjamin. Once complete, the building took less than 60 days to fill, and the property earned Hegenes an award from the Minnesota Multi Housing Association.

Vision at Work

This kind of creative thinking and collaborative partnership is what initially drew Hegenes Properties to Bridgewater Bank.

“When our bank was acquired, it became a purely transactional vendor. It was time to make a change,” says Gary Hegenes, founder of Hegenes Properties. “When we switched to Bridgewater, we found a true partner. We have a relationship that goes beyond just balancing checkbooks.”

Benjamin agrees noting, “We’ve built such a deep, trusting relationship that I often joke I’d trust the team at Hegenes to watch my kids. That’s how much I value their integrity and how much we enjoy working together. They are great clients and incredible people.”

In addition to managing Hegenes Properties’ 100+ deposit accounts across a portfolio of 3,000 units, Bridgewater Bank supports Hegenes with everything from laundry facility coin deposits to helping with its recent 290-unit Bristol Village acquisition.

“When a client like Hegenes first has a vision, they might not know how they’re going to get there. That’s where we come in,” says Benjamin. “We partner closely, thinking outside of the box and figuring out how to turn their vision into reality.”

When our bank was acquired, it became a purely transactional vendor … When we switched to Bridgewater, we found a true partner.”

–Gary Hegenes, Hegenes Properties

Start With the “Ws”

When looking for a financial institution to bank with, Benjamin says it’s important to evaluate the three “Ws” of banking: Where do you bank? Who is your banker? And why do you work with that particular bank?    

“Leaders owe it to themselves to be able to answer all three of those questions,” says Benjamin. “You want bankers who are partners; not just filling a seat. They should be proactive and like-minded, helping you make better decisions and run your business more efficiently.”

Local banks are an ideal place to find these partners, offering access to experts who understand the market and decision makers personally invested in the communities they serve. “Ultimately, it comes down to people you know and trust. The folks at Bridgewater work and live in the same areas we do,” says Sather. “There’s real value in that. We all want the best outcomes for our people and community.”

Beyond real estate, the Hegenes team invests in Minnesota organizations including Hope Academy, Hope Farm School, and Minnesota Adult & Teen Challenge, reflecting the local focus they value in their relationship with Bridgewater.

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