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 percent 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.