Commercial real estate mortgage firm Venture Mortgage of Edina, Minn., orchestrates $7.125 million in financing for properties in Minneapolis, Shakopee and White Bear Lake
EDINA, Minn., Oct. 28, 2010 – Venture Mortgage executives today announced the recent closings of three separate loan transactions for properties in the Twin Cities metro area.
The Edina-based commercial real estate mortgage brokerage firm arranged:
- $1.1 million in permanent financing for a group of industrial properties in Progress Valley Park in Shakopee. The lender for the long-term loan was a credit union.
- $4.4 million in permanent financing for an industrial property in White Bear Business Park in White Bear Lake. A credit union was the lender for the long-term loan.
- $1.625 million in permanent financing for a mini-storage facility in Minneapolis. The lender for the long-term loan was a diversified, closed-end management investment company.
“Self-storage has been one of the better-performing commercial real estate markets nationally during the past two years, which helped to make our client’s property attractive to potential lenders,” says Venture Mortgage President Michael “Mick” Thorsland. “And while the Twin Cities industrial real estate market still awaits recovery, lenders remain interested in high-quality properties in established business parks.”
The industrial transactions were arranged by Venture Mortgage Vice President Kip Dunkelberger and the mini-storage loan was arranged by 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.