About Our Office

Our Twin Cities office offers a complete range of financing options for all types of commercial real estate. We serve the entire Midwest area and can arrange commercial real estate loans for any property type through our unmatched network of lending partners. Call our local office to learn more.

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NorthMarq Capital arranges financing for Aeon’s acquisition of The Provinces

MINNEAPOLIS (June 22, 2018) – NorthMarq Capital’s Mike Padilla, in collaboration with the company’s Freddie Mac team, arranged the financing of The Provinces, a 118-unit apartment property in Little Canada that will preserve the affordability of the apartment homes. Nonprofit investor Aeon and the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF) acquired the property from Dominium. The acquisition also received grant funding from the Ramsey County Housing and Redevelopment Authority.

NOAH—naturally occurring affordable housing—has been disappearing as investors acquire older properties and remodel or demolish them, raising rents and forcing existing tenants to leave. Aeon, a nonprofit developer, owner and manager of affordable homes has purchased 1,447 NOAH apartment homes in recent years to preserve their affordability.

“NorthMarq Capital appreciates the opportunity to work with Aeon and Freddie Mac, in preserving affordable housing in our market,” said Padilla, vice president in NorthMarq’s Minneapolis production office.

“We are grateful for the strong relationships we have with our local multifamily housing partners,” said Blake Hopkins, vice president of Housing Development at Aeon.

The purchase is Aeon’s second partnership with GMHF with funding provided by its recently formed NOAH Impact Fund. This is a $25 million equity fund established to preserve NOAH properties in Minnesota.

The Twin Cities is in the middle of an apartment construction boom, but just 10 percent of new units will be available for low-income renters, according to the 2017 report “State of the State’s Housing Report, Twin Cities Region,” released by the Minnesota Housing Partnership (MHP).

The property preserves affordability of 118 apartment homes in Little Canada.

 

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Local Office Overview

Click image to download PDF

Click image to download PDF

Download this two-page flyer to learn more about the Minneapolis office.

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Patrick Minea, Jeff Erxleben promoted to Executive Vice President/Regional Manager

MINNEAPOLIS (Dec. 12, 2016) – NorthMarq Capital Presidents Jeff Weidell and William Ross announced today two promotions to the company’s executive team. Patrick Minea, managing director-Minneapolis, and Jeffrey Erxleben, managing director-Dallas, were promoted to the new position of Executive Vice President/Regional Manager, becoming permanent members of the company’s Executive Committee.

Both Patrick and Jeffrey will retain their local production roles but will add more oversight of NorthMarq Capital’s regional offices, primarily in achieving hiring, development, and production goals. Both will join the company’s Executive Committee, which includes Presidents Weidell and Ross; Jay Donaldson, president-Fannie Mae and FHA Platforms; Travis Krueger, chief financial officer; Mike Myers, chief operations officer; and Eduardo Padilla, chief executive officer.

“Both Jeff and Pat have excelled in diversified production experience, working with multiple capital providers, and uphold the NorthMarq values of quality, fairness and teamwork,” said Weidell.

“We are pleased to have such strong leaders to add to the Executive Team as we position our company for continued success,” said Ross.

Pat has been in real estate finance since 1987 and joined NorthMarq Capital in 1992. He is a proven producer who is highly experienced in all areas of debt and equity finance, and has been a Managing Director of the Minneapolis Office since 2000. He is a member of the Minnesota Multi-Housing, Minnesota Shopping Center Association, ULI and the MBA. He served as Treasurer for the NAIOP Minnesota chapter and on the NAIOP Board for three years. He obtained his undergraduate degree from Saint John’s University.

Jeffrey is responsible for managing NorthMarq’s Dallas office and for originating debt and equity transactions throughout the United States. He currently serves on NorthMarq’s DUS/FHA Advisory Board, Freddie Mac’s Seller Servicer Advisory Board and has served on NorthMarq’s Producer Council. He is also vice-chair for the Mortgage Bankers Association’s (MBA) Originations Council, an active member of within National Multifamily Housing Council (NMHC) and active within the Folsom Institute for Real Estate. He joined NorthMarq in 2002 and obtained his bachelor of arts from Southern Methodist University.

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James Hoopes moderates equity and debt panel at Real Estate Journal’s Apartment Summit

jhoopes

James Hoopes

MINNEAPOLIS (January 8, 2016) James Hoopes, senior vice president of NorthMarq Capital’s Minneapolis regional office moderated a panel at the Real Estate Journal’s Apartment Summit titled Capital’s King: Equity & Debt Solutions for Apartment Investors & Developers. The event took place at the Golden Valley Country Club in Golden Valley, Minnesota on Friday, January 8.

Hoopes and the panelists addressed what types of deals Fannie Mae and Freddie Mac are targeting; how has underwriting changed; what is the future for the agency lenders; what is the 2016 outlook for lenders, buyers, sellers, developers and investors; who is lending; what changes should we expect to the underwriting criteria and what types of governmental programs are available and how are they accessed.

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Dan Trebil featured in National Real Estate Investor

Dan Trebil

Borrowers Push for More Interest-Only Loans

A resurgence of interest-only loans is a bit reminiscent of the frothy lending market that existed pre-recession. But while the rise in interest-only loans is another sign that lenders are relaxing their tight grip, underwriting on commercial real estate loans remains markedly more prudent than compared to 2006 and early 2007.

Today’s interest-only (IO) loans are still a far cry from the deals available at the previous peak of the market, when borrowers could secure 10-year IO on loans with an 80 percent loan-to-value (LTV) ratio.

“It is not as aggressive as it was, but there is some interest-only financing that is readily available,” says Dan Trebil, senior vice president and managing director with debt and equity provider NorthMarq Capital in Minneapolis. Borrowers are typically only finding IO between one to five years at the most on full-leverage loans that are at 75 percent LTV rather than the 80 percent leverage that was attainable in the past cycle, Trebil notes. Read the complete story here.

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