NorthMarq secures $8 million refinance of the Cub Foods Shorewood in Shorewood, Minnesota
MINNEAPOLIS, MINNESOTA (May 19, 2021) – Andy Finn, vice president of NorthMarq’s Minneapolis office, negotiated the $8 million refinance of the Cub Foods in Shorewood, Minnesota. The single tenant retail property was financed with a 15-year term at a sub 3% rate. NorthMarq arranged the permanent-fixed rate loan through one of its correspondent life insurance lenders.
While many brick and mortar retailers have experienced significant challenges throughout the COVID-19 pandemic, there are many others that have done quite well. Grocery stores, grocery anchored retail, and other “Covid resilient businesses” have performed well throughout the pandemic.
“Many commercial real estate lenders have pulled back from lending into the retail segment. Due to the strong sponsorship, the strength of the tenant and the solid location there was a significant amount of interest in the financing of this asset at very competitive terms,” said Finn.
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