Wow. Minneapolis-based Towle Financial reports that its total loan origination volume last year increased almost 76 percent when compared with 2010.
Towle's president, Mark Vannelli, says his firm closed on 56 loans in six states, most in Minnesota. The loans had a transactional volume in excess of $250 million, compared with 31 loans and $142 million in 2010.
This included deals for apartments, retail, industrial, office and medical office, student and senior housing projects. The loans were predominantly funded by life insurance firms, agency lenders, commercial banks and other Wall Street sources.
Vannelli says the pipeline of transactions for this year is showing "continued improvement."
Towle spokesman Dan Mott said in an email that his firm is "seeing a little more confidence in the property owners we work with who, in turn, are seeing a stronger outlook from the tenants in their buildings. Most of the lenders we represent are looking to increase the amount of money they invest in commercial mortgages in 2012."
Janet Moore covers commercial real estate for the Star Tribune.
