NorthMarq’s Minneapolis office secures $2.3 million refinance of Chester Estates in Rochester, Minnesota

Chester Estates
Debt & Equity
Multi-Tenant
Multifamily
Permanent Loan - Fixed
Freddie Mac
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MINNEAPOLIS, MINNESOTA (January 8, 2019) – Michael Padilla, vice president of NorthMarq’s Minneapolis regional office, negotiated the $2.3 million refinance via mezzanine debt of Chester Estates, a 40-unit Naturally Occurring Affordable Housing (NOAH) property located at 1463-1537 6th Avenue SE in Rochester, Minnesota. The transaction was structured with a 10-year term with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Phoenix Development, through Freddie Mac. 

“This was a refinance of an existing bank loan,” noted Padilla. "The permanent debt was structured through Freddie Mac and a mezzanine loan offered through the Greater Minnesota Housing Fund, whose funds are allocated to NOAH properties.” 

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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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