Northmarq’s Minneapolis office finalizes $45.025 million refinance of Axle Apartments in Fridley, Minnesota

MINNEAPOLIS, MINNESOTA (September 7, 2022) – Andy Finn, senior vice president, along with Dan Trebil, managing director of Northmarq’s Minneapolis debt/equity team negotiated the $45,025,000 refinance of Axle Apartments on behalf of Roers Companies. The 262-unit highly amenitized workforce housing property is located at 6530 University Avenue NE in Fridley, Minnesota. The transaction was structured with a 10-year term with seven years of interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its Optigo status as a Freddie Mac lender.

“We were able to leverage our Freddie Mac platform to provide the best combination of financial terms with the ability to lock the interest rate during lease-up, prior to full stabilization,” explained Finn. 

“Roers Companies identified a need for high-quality workforce housing in Fridley, executed on an exceptional project that practically leased up overnight,” said Trebil. 

Situated in the “first ring” of the Minneapolis’ suburbs, Fridley offers a small-town environment while providing quick access to nearby urban amenities. Three institutions of higher learning (Bethel University, Northwest College, and North Hennepin Community College) are within 10.6 miles. Residents benefit from three shopping centers within 1.5 miles, as well as five parks within 4.6 miles. 

* Photo Courtesy: Spacecrafting