Northmarq’s Minneapolis office finalizes $10.3 million loan for Hillside East in New Brighton, Minnesota

MINNEAPOLIS, MINNESOTA (August 31, 2022) – Andy Finn, senior vice president of Northmarq’s Minneapolis debt and equity team, arranged the $10,290,000 permanent-fixed loan for Hillside East Apartments. The multifamily property consists of 108-units and is located at 371 Old Highway 8 South West in New Brighton, Minnesota. 

The transaction was structured with a 10-year term with 6-years of interest only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its Optigo status as a Freddie Mac lender. “Freddie Mac offered the best combination of proceeds, as well as a very competitive rate and term,” said Finn.

Residents of Hillside East Apartments benefit from numerous community amenities such as laundry facilities, an outdoor pool, and a playground. Additionally, individual units feature a balcony, vinyl flooring in the bathrooms, and air conditioning. Located just 11 miles northeast of Minneapolis and 14 miles northwest of Saint Paul, New Brighton is a pristine suburb of the Twin Cities known for its quiet neighborhoods, convenient amenities, and close proximity to big city attractions.