Northmarq’s Minneapolis office secures $13 million in acquisition financing for Shoreway Commerce Park
MINNEAPOLIS (Feb. 6, 2024) — Andy Finn, managing director of Northmarq’s Minneapolis Debt + Equity office, has collaborated with Mark Jeffries of the Denver office to finalize $12,998,000 million in acquisition financing for a 445,682-sq.ft. industrial facility in Cleveland, Ohio. Built in 1940 and renovated in 2010, the distribution/warehouse property is situated on 27.44 acres at 799 East 73rd Street.
Northmarq arranged financing on behalf of the borrower through its correspondent relationship with a life insurance company. The permanent fixed-rate loan was structured on a 3-year term with 2 years interest only followed by a 30-year amortization schedule.
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