Venture Mortgage refinances medical office

Edina-based commercial real estate mortgage firm arranges new permanent loan for the award-winning, four-story, 73,386 square foot Edina Crosstown Medical Office Building

EDINA, Minn., May 17, 2011 – Venture Mortgage has arranged new financing for the award-winning Edina Crosstown Medical Office Building (MOB).

Edina Crosstown MOB is a four-story, 73,386 square foot facility with an attached, five-level, 370-stall parking structure located just west of Fairview Southdale Hospital. The building, which opened in June 2010, is 100 percent occupied by Twin Cities Orthopedic PA, one of the nation’s largest orthopedic practices.

In April 2010, Edina Crosstown MOB won the “Best in Real Estate” award in the “Medical Development or Redevelopment” category from the Minneapolis-St. Paul Business Journal. In February, it won an “Award

Edina Crosstown MOB, Edina, MN

of Excellence” in the “Office Build-to-Suit Less Than 100,000 Square Feet” category from the Minnesota chapter or the National Association of Industrial and Office Properties (NAIOP).

“Edina Crosstown MOB has been recognized as one of the premier medical office buildings in the Twin Cities metro area,” says Venture Mortgage Vice President Steve Petersen, who originated the loan. “This high-profile loan was placed with one of our life insurance company lenders that understood the TCO story and saw great value in this investment opportunity.”

Terms of the loan were not disclosed.

“Our recent transactions have included retail, industrial and multi-family properties, as well as a funeral home and now a medical office building,” Venture Mortgage President Michael "Mick" Thorsland observes. “Our ability to arrange financing for such a wide array of property types demonstrates the kind of creativity and versatility we have provided to our clients since Venture Mortgage was founded in 1990.”

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 info@venturemortgage.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 info@venturemortgage.com.