NorthMarq finalizes $19 million construction loan for multifamily property in St. Paul, Minnesota

1554 Midway Parkway
Debt & Equity
Multi-Tenant
Multifamily
Construction Loan
Bank
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MINNEAPOLIS, MINNESOTA (October 5, 2021) – Michael Padilla, vice president in NorthMarq’s Minneapolis office, arraigned a $19 million construction loan for 1554 Midway Parkway. The 148-unit, adaptive reuse, market rate multifamily property will complete renovation in 2022 and is located in St. Paul, Minnesota. The transaction was structured as a 5-year term with 2-years of interest only followed by a 25-year amortization schedule. NorthMarq brokered this construction loan on behalf of Premier Holdings LLC, through its relationship with a local bank. 

“This project is the renovation of an existing structure, a former senior housing facility located near the Minnesota State Fair grounds. It was a pleasure to be part of a team with a vision for adaptive reuse,” said Padilla.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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