Venture Mortgage of Edina, Minn., recently brokered real estate mortgages for four industrial, retail, multifamily and other properties in Minnesota and South Dakota
EDINA, Minn., March 16, 2011 – Venture Mortgage of Edina recently arranged commercial real estate mortgages totaling more than $14.5 million for four properties in Minnesota and South Dakota. The separate transactions involved a range of property types, including industrial, retail, multifamily – even a funeral home.
“As an independent commercial mortgage firm, we are able to assist clients who own a wide variety of property types,” says Venture Mortgage President Michael “Mick” Thorsland. “Since the company was founded in 1990, we have financed everything from office buildings, medical office buildings and industrial and retail properties to hotels, apartments, mini-storage facilities and golf courses.
“We are able to serve a diverse group of clients and property types by combining the creativity and flexibility of an independent firm with the financial strength of major national lenders.”
The recent transactions included:
■ a $7.3 million refinancing of an industrial facility at 11300 Hampshire Ave. S. in Bloomington, Minn. The property is occupied by a unit of the Fortune 500 firm General Dynamics Corp. (NYSE: GD) and the lender for the long-term, fixed-rate loan was GE Capital.
■ $4.6 million in acquisition financing for Watertown Mall, a retail center at 1300 9th Ave. S.E. in Watertown, S.D., that is anchored by Dunham Sports, Herberger’s and J.C. Penney Co. A local bank was the lender for fixed-rate loan.
■ $2.1 million in acquisition financing for The Crystal, a 39-unit apartment building at 5755 W. Broadway in Crystal, Minn. The lender for the long-term, fixed-rate loan was Fannie Mae.
■ $725,000 in acquisition financing for Halvorson-Johnson Funeral Home at 703 Oak St. in Brainerd, Minn. An insurance company was the lender for the long-term, fixed-rate loan.
The Bloomington, Watertown and Crystal transactions were arranged by Venture Mortgage President Michael "Mick" Thorsland. The Brainerd transaction was arranged by Vice President Peter A. Hennen.
11300 Hampshire Ave. S., Bloomington, Minn.
Watertown Mall, 1300 9th Ave. S.E., Watertown, S.D.
5755 W. Broadway, Crystal, Minn.
About Venture Mortgage
Venture Mortgage is a mortgage banking firm serving as a loan correspondent for numerous life insurance companies. To date, the firm has originated more than $3.3 billion in commercial real estate loans and has a servicing portfolio in excess of $650 million and growing. Venture Mortgage is also affiliated with of Strategic Alliance Mortgage (SAM), an organization of 23 privately-owned commercial mortgage firms with 48 offices throughout the United States. SAM members have arranged more than $75 billion of commercial mortgage loans since 2001 and currently service $39 billion. To learn more about Venture Mortgage, please contact us directly at (952) 893-1877 or email at email@example.com. To find out more about how these qualities translate into a better value for your commercial real estate mortgage needs, please contact us at (952) 893-1877 or firstname.lastname@example.org.
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