Gray Plant Mooty Represents Dairy Cooperative in Loan Deal to Finance Construction of State-Of-The-Art Manufacturing Facilities
MINNEAPOLIS – Gray Plant Mooty successfully represented First District Association, a dairy cooperative in Litchfield, Minnesota, to close a lending deal for construction of 80,000+ square feet of dairy manufacturing and intake facilities, as well as for new equipment designed specifically for food processing.
Members of the Gray Plant Mooty Commercial Financial Services Practice Group worked to ensure the deal was done right, on time, and within the budget. The Gray Plant Mooty attorneys included Principal Tony Todero and Principal Jeff Peterson.
“The Gray Plant Mooty team successfully closed our finance project on time and under budget,” said First District Association Board Chair Josh Barka. “We couldn’t be more pleased.”
Attorney Todero explained that the deal was complex due to the large size of the loans, the involvement of construction and numerous third-party contractors, and the insurance requirements (title insurance, builder’s risk, business interruption, general liability, commercial property, etc.). Nine lending institutions were brought together to finance the cooperative’s new facilities and expanded operations. “This is one of the largest deals that I have worked on,” said Todero, who specializes in financing agricultural loans and “club” deals like this one.
About First District Association
First District Association is a farmer owned dairy cooperative with roots in Litchfield, Minnesota that date back to 1894. In 1921, 11 area creameries joined to form the First District Association creamery cooperative. Today, in its current manufacturing facility, the cooperative processes over 1.5 billion pounds of milk a year. Upon completion of the new facilities, the cooperative will be able to process 7.5 million pounds of milk per day and 2.7 billion pounds of milk per year. That’s approximately 750,000 pounds of cheese per day! The products range from milk and creams to a variety of cheeses, whey proteins, and other powdered products used in infant formula, sports nutrition, bakery, and snack foods. Learn more at www.firstdistrict.com.
About Gray Plant Mooty
Gray Plant Mooty is a leading corporate law firm with one of the top franchise practices in the world. The firm’s attorneys and staff are recognized for providing exceptional service and value to clients globally. The full-service law firm has offices in Minnesota, North Dakota, and Washington, D.C. Learn more at www.gpmlaw.com.