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