Venture Mortgage active in retail sector

Edina-based commercial real estate mortgage firm arranges $6.5 million in financing for two separate properties anchored by OfficeMax and Regal Cinemas in Minnesota, Ohio

EDINA, Minn., Sept. 21, 2010 – Venture Mortgage executives today announced the recent closings of two separate transactions for retail properties, one in Minnesota and one in Ohio. 

The Edina-based commercial real estate mortgage brokerage firm arranged:

  • $1.5 million in permanent financing for an OfficeMax Inc. (NYSE: OMX) anchored retail building in Alexandria, Minn. The lender for the long-term loan was a correspondent life insurance company.
  • $5 million in permanent financing for a 20-screen movie theater complex anchored by Regal Cinemas, a unit of Regal Entertainment Group Inc. (NYSE: RGC). The freestanding building is located in the Cleveland suburb of Sheffield Village, Ohio. The lender for the long-term loan was a correspondent life insurance company.

“These recent transactions prove that lenders still have an appetite for superior, strategically located retail real estate, and we are pleased to have had the opportunity to arrange these transactions,” says Venture Mortgage President Michael “Mick” Thorsland 

The OfficeMax and Regal transactions were arranged by Venture Mortgage Vice President Peter A. Hennen. 

 

About Venture Mortgage

Venture Mortgage is a mortgage banking firm serving as a loan correspondent for numerous life insurance companies. To date, Venture Mortgage has originated more than $3.3 billion in commercial real estate loans. We also act as a servicing agent for these lenders and currently have a servicing portfolio of $650 million. Venture Mortgage was formed in 1990 by its president, Michael “Mick” Thorsland. Since then, Venture Mortgage has grown to nine employees, including five producers, who can offer you the benefits of local market knowledge and real estate backgrounds ranging from 20 to 45 years. To learn more about Venture Mortgage, please contact us directly at (952) 893-1877 or email at info@venturemortgage.com.