MINNEAPOLIS (January 5, 2015) – Jon M. Miller, vice president of NorthMarq Capital’s Minneapolis based regional office arranged the $18.375 million refinance of Marquee Place, a 72,000 sq.ft. retail/office property located at 641-681 Lake Street East in Wayzata, Minnesota. The transaction was structured with a 12-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“Marquee Place is a trophy asset just west of Minneapolis, on Lake Minnetonka,” said Miller. “The mixed-use property commands some of the highest office rents in Minnesota due to unobstructed lake views and strong micro-market fundamentals. The lender understood the value of this unique asset and was a great fit for my borrower client.”