MINNEAPOLIS (January 2, 2013) – Patrick S. Minea, senior vice president and managing director of NorthMarq’s Minneapolis-based regional office, arranged combined first mortgage refinancings of $5.775 million for two multifamily properties containing a combined total of 141 market-rate multifamily units located in Fargo, North Dakota.
• Somerset Apartments is located at 4910-4930 15th Avenue SW and contains 75 market-rate multifamily units. It was refinanced at $3,375,000.
• Twin Parks Apartments is located at 4430 9th Avenue Circle South and contains 66 market-rate multifamily units. It was financed at $2,400,000.
Financing for both of these properties was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.