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MinnesotaRetail

NorthMarq closes $8 million refinance of Cubs Foods in Minnesota

May 25, 2021
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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.

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