Northmarq’s Debt + Equity team arranges $19.1M refinance of Holden House Apartments in St. Paul

ST. PAUL, Minn. — Northmarq’s Minneapolis Debt + Equity team led by Michael Padilla successfully arranged the $19.1 million refinance of Holden House Apartments, a 143-unit low-rise apartment community located at 1554 Midway Parkway. in St. Paul, Minnesota.

Northmarq arranged the permanent, fixed-rate financing on behalf of the borrower, Midway Investor Group, through its relationship with a local community bank. The transaction was structured with a six-year term.

“The local community bank delivered a strong financing solution that provided the borrower with long-term stability,” Padilla said.

The borrower commented on the high level of engagement and support provided by Padilla and his team during the analysis and underwriting process providing guidance and expertise throughout.  

This adaptive reuse project was completed in 2022 with the construction mini-perm financing also arranged by Padilla and the Northmarq team.  Holden House is well located along the beautiful and grand Midway Parkway in St. Paul’s demand Como neighborhood. The project offers studio, one, two and three-bedroom floorplans with thoughtfully updated living spaces. Community amenities include rooftop decks, indoor gathering spaces, an athletic club, a Luxor package system, indoor and outdoor parking, controlled access, a historic guest suite, a sauna and a pet spa.

The property’s grand lobby features open gathering areas, seating lounges, co-working spaces, a pool table, a kitchen and bar, and a grand fireplace.

Situated across Snelling Avenue from the Minnesota State Fairgrounds, Holden House offers convenient access to Interstate 94, Metro Transit bus routes and the METRO Green Line. The property is approximately seven miles from downtown Minneapolis and six miles from downtown St. Paul.