Multifamily

NorthMarq's Minneapolis office arranged $5.775 million in combined mortgages for two multifamily properties in Fargo, North Dakota

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.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.