NEW BUSINESS Towle Financial Services, Minneapolis, has closed on a $2.4 million Fannie Mae DUS permanent loan for Birchwood Apartments in North Branch, Minn. Birchwood is a 54-unit, two building apartment complex owned by Birchwood Partnership. The proceeds were used to pay off the underlying first mortgage loan.
DEBT AND EQUITIES Rimage Corp., Edina, has approved a quarterly dividend of 17 cents per share, payable Sept. 14 to shareholders of record on Aug. 31.
PERSONNEL Toro Co., Bloomington, has elected James "Joc" O'Rourke to its board of directors, effective immediately. The addition of O'Rourke brings the Toro board to 10 members. O'Rourke currently serves as executive vice president of operations and chief operating officer at Mosaic Co., Plymouth.
Dennis Koehl, senior vice president and chief nuclear officer at Xcel Energy Inc., Minneapolis, is resigning in mid-September to become chief executive officer at South Texas Project Nuclear Operating Co.
