Multifamily - Debt

NorthMarq’s Minneapolis office finalizes $2.05 million refinance of 623 Lofts in Saint Paul, Minnesota

MINNEAPOLIS, MINNESOTA (September 25, 2019) – Michael Padilla arranged the $2.05 million refinance of 623 Lofts, a 17-unit multifamily property located in Saint Paul, Minnesota.  

Financing Details:
– 10-year term
– 30-year amortization schedule
– NorthMarq arranged financing for the borrower through Freddie Mac’s Small Balance Program. 

Property Details:
– The property enjoys close proximity to three colleges (Saint Paul College, Concordia University-Saint Paul and Macalaster College), the Target Field Commuter Rail Station, numerous shopping centers within less than a mile and multiple parks and museums. The property is only nine miles (17 minute drive time) from the Minneapolis-Saint Paul International Airport. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.