Northmarq secures $29.46 million construction loan for Central Minnesota Cold Storage Facility
MINNEAPOLIS (Jan. 18, 2024) — Mike Padilla, senior vice president of Northmarq’s Minneapolis Debt + Equity team, has secured the construction loan for a cold storage industrial property in Clearwater, Minnesota for approximately $29.46 million. The 105,000-sq.-ft. property serves as the Central Minnesota Cold Storage Facility and is located at 17190 State Highway 24.
Northmarq arranged financing on behalf of the borrower, Central Minnesota Cold Storage, through a relationship with a commercial bank. The transaction was structured on a 5-year term with a 25-year amortization schedule and 2 years interest only.
“We found the right bank and banker relationship with the vision and patience needed for a successful closing,” said Padilla. “The borrower was able to sign an agreement with a very popular user to add to the success of this highly specialized project.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
