Northmarq’s Minneapolis office secures $56 million in debt and equity for 155-unit build-to-rent property
MINNEAPOLIS (Jan. 16, 2024) — Northmarq’s Minneapolis Debt + Equity team of Andy Finn, senior vice president and senior director, and Dan Trebil, executive vice president and regional managing director, has successfully secured a $35.5 million construction loan and $20.65 million in equity for a 155-unit build-to-rent property in Maple Grove, Minn. Northmarq arranged the construction loan for the borrower, Norsq Companies and Enclave Companies, via a regional bank and the equity from an institutional pension fund.
“Norsq and Enclave had a vision for the type of project they wanted to create along with a specific type of capital partner,” said Finn. “With our in-depth knowledge and relationships in both the debt and equity markets, we were able to make Norsq and Enclave’s vision a reality.”
“Institutional joint venture equity is a rarity in today’s market, but the combination of great location, product type, sponsorship and economics allowed this one to come together,” said Trebil.
Located at 17425 101st Ave. N., Maple Grove Townhomes is part of a larger development plan for a 200-unit apartment building and a 9,000-sq.-ft.-commercial building. The new market-rate townhomes are planned to include two- and three-bedroom units with two-car garages and outdoor decks/patios. The build-to-rent community is also planned to feature a fitness center, outdoor pool pet spa, business center, pickleball court and playground.
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