NorthMarq finalizes $19 million construction loan for multifamily property in St. Paul, Minnesota
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 a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
