MINNEAPOLIS–A new CUSO formed by four credit unions to make infrastructure loans and loans on larger projects has its first deal.
The CUSO, United Financials Capital, LLC, was recently featured in CUToday.info here.
UFC was formed to collaborate and partner with credit unions on commercial lending opportunities throughout Minnesota and the Upper Midwest, with an objective of leveraging collective resources to fulfill commercial financing opportunities, according to the organization.
The CUSO is financing the 8400 Tower in the Normandale Lake Office Park. The deal involves just one of the towers in the office park, which was the subject of a $366-million acquisition in June, according to the Minneapolis Business Journal.
In a statement, UFC said it facilitated financing for the acquisition of the 8400 Normandale property through two of its founding owners, Hiway Credit Union and TopLine Financial Credit Union, along with three Minnesota credit unions, Centricity Credit Union, Members Cooperative Credit Union and Minnco Credit Union.
In addition to Hiway Credit Union, TopLine Financial Credit Union, the other owners of UFC include SPIRE Credit Union and Affinity Credit Union.
“As a credit union owner of UFC, and lead-lender on this commercial loan, TopLine Financial Credit Union, worked closely with UFC and credit union colleagues to combine expertise and resources to complete the real-estate transaction,” the CUSO said. “This is the true cooperative spirit of credit unions collectively working together with UFC to initiate and share in the fundamental purpose of facilitating commercial loan financing.”
“This is just the beginning for UFC. We look forward to serving communities throughout Minnesota to grow this lending platform, which harnesses the resources and the collaborative nature of credit unions,” said UFC CEO Michael Dalglish.
From $5 Million to $50 Million
The CUSO is making loans ranging between roughly $5 million and $50 million. Dalglish declined to provide a figure on the amount being financed in the 8400 Tower deal, in an interview with the Business Journal.
Dalglish, who told the publication the financing proves United Financials can "do big deals,” added that the loan “speaks to the interest in (United Financials) in the marketplace," he said.
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