Northmarq secures $29.46 million construction loan for Central Minnesota Cold Storage Facility

Central Minnesota Cold Storage Facility
Debt & Equity
Other
Construction Loan
Bank
105,000-sq.-ft. cold storage property

MINNEAPOLIS (Jan. 18, 2024) — Mike Padilla, senior vice president of Northmarq’s Minneapolis Debt + Equity team, has secured the construction loan for a cold storage industrial property in Clearwater, Minnesota for approximately $29.46 million. The 105,000-sq.-ft. property serves as the Central Minnesota Cold Storage Facility and is located at 17190 State Highway 24.

Northmarq arranged financing on behalf of the borrower, Central Minnesota Cold Storage, through a relationship with a commercial bank. The transaction was structured on a 5-year term with a 25-year amortization schedule and 2 years interest only.

“We found the right bank and banker relationship with the vision and patience needed for a successful closing,” said Padilla. “The borrower was able to sign an agreement with a very popular user to add to the success of this highly specialized project.”

Learn more about Northmarq’s financing services here.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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