Northmarq finalizes $6,663,000 loan for multifamily property in Des Moines, Iowa

MINNEAPOLIS, MINNESOTA (September 8, 2022) – Bill Mork, vice president, and Patrick Minea, executive vice president/executive managing director of Northmarq’s Minneapolis debt and equity team, finalized the $6,663,000 permanent-fixed loan for The Drake & Chetwynd. The multifamily properties contain 136-units and are located at 1260 34th Street in Des Moines, Iowa. 

Northmarq leveraged its existing relationship with an agency lender to complete the transaction. The permanent-fixed loan is structured on a 10-year term with a 30-year amortization schedule.  “Our agency underwriter was more aggressive, and the index lock was necessary in order to complete the transaction,” said Mork.

The Drake & Chetwynd offers a range of one-, two-, three-, and four-bedroom apartments for tenants to chose from. Located conveniently in The Drake neighborhood, the apartments are a walkable distance to the Drake University campus. Residents also benefit from easy access to interstates, shopping options, as well as entertainment in the greater Des Moines area. Community amenities within the properties also include a pool, sun deck, and grill area.