Northmarq’s Minneapolis finalizes $6.8 million refinancing for Evergreen Square in Buffalo, Minnesota
MINNEAPOLIS, MINNESOTA (January 17, 2023) —Michael Padilla, senior vice president in Northmarq’s Minneapolis office, arranged the $6,843,000 refinance for Evergreen Square Apartments. The multifamily property consists of 78 units and is located at 911 6th Avenue in Buffalo, Minnesota. The transaction was structured with a 7-year interest-only term followed by a 35-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its inhouse Fannie Mae DUS program.
“This was a refinance of an existing Fannie Mae loan,” said Padilla. “Ease of execution and an expedited SRL application made this this transaction a win for all parties involved.”
Built in 1990, the three-story Evergreen Square Apartments offers newer community at an affordable price. The pet-friendly property offers one-, two-, and three-bedroom units and a great location in the Wright Far Western Suburbs. Residents of Evergreen Square enjoy three shopping centers within half a mile and an array of restaurants just off Highway 55 and 52.
Apartment amenities include: Dishwashers, hardwood floors, private balconies or patios, and high speed internet access. Community amenities include: Laundry facilities, playground, controlled access, and on-site property management.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
