NorthMarq arranges $31,219,000 construction loan for BRYK Apartments in Rochester, Minnesota

The property will provide rental housing with all units designated affordable

MINNEAPOLIS, MINNESOTA (October 7, 2021) –The Minneapolis office of NorthMarq secured a $31.219 million construction loan for BRYK Apartments. The 180-unit multifamily property will be located at 401 Broadway Avenue North in Rochester, Minnesota. NorthMarq arranged the construction-perm loan for the borrower through its relationship with a credit union. 

“Our lender was able to provide the best combination of leverage, pricing and limited recourse, in addition to being willing to provide additional proceeds using a TIF note as collateral,” explained Dan Trebil, managing director of NorthMarq’s Minneapolis office. “BRYK apartments will provide high quality rental housing with all units designated as affordable.”  

Residents will benefit from the close proximity to downtown Rochester and the Mayo Clinic, as well as the Zumbro River and surrounding parks. The property is being delivered in the context of Mayo Clinic’s current “Destination Medical Center” plan, which centers around development and initiatives for growth in Rochester.