NorthMarq negotiates $8 million refinance of Maple Ridge Apartments in Omaha, Nebraska

MINNEAPOLIS, MINNESOTA (June 2, 2021)  -- Bill Mork, vice president and Patrick Minea, executive managing director in NorthMarq’s Minneapolis office arranged the $8 million financing of the Maple Ridge Apartments. The 174-unit multifamily property is located in Omaha, Nebraska. The transaction was structured with a 15-year term and 30-year amortization. The permanent, fixed-rate, non-recourse loan was funded through one of NorthMarq’s life company correspondents.  

“The objective was to issue a proposal that provided the borrower the requested loan proceeds with an aggressive interest rate and deal structure to improve their overall return on investment,” said Mork. “The non-recourse loan achieved this objective and was structured with a long-term, fixed interest rate just above 3% and a flexible prepayment schedule. In addition, our life company correspondent is offering 12-month interest only options at any point during the loan term and at the time of the borrower’s choosing, which is an attractive and unique option.”