Northmarq’s Minneapolis office arranges financing of $47.1 million for Emrik SV Apartments in Shoreview, Minnesota

MINNEAPOLIS, MINNESOTA (March 10, 2022) – Northmarq’s Minneapolis office arranged the $47.1 million financing of Emrik SV Apartments. The 200-unit multifamily property is located in Shoreview, Minnesota. The permanent-fixed rate loan was arranged for the borrower through Northmarq’s Fannie Mae DUS platform.   The borrower was able to take advantage of the low rate environment prior to achieving fully stabilized occupancy.

The suburban Twin Cities property is located in close proximity to shopping, restaurants, parks, lakes and recreational activities.

Built in 2021, Emrik SV Apartments features resort style amenities including private work from home offices, outdoor pool and spa, sauna, pro-grade gym, indoor/outdoor theatre and pickleball courts. Individual units feature large open spaces, floor-to-ceiling windows, private balconies and patios, designer cabinets, quartz countertops and other luxury features and finishes.