Northmarq’s Minneapolis office completes $140,500,000 construction financing for mixed-use development in Minneapolis’ North Loop

Mixed-Use Development

MINNEAPOLIS, MINNESOTA (July 25, 2022) – Dan Trebil and Pat Minea of Northmarq’s Minneapolis office arranged construction financing for a mixed-use development in Minneapolis’ North Loop submarket. The financing was arranged on behalf of longstanding Northmarq client Chicago-based developer CEDARst Companies. Construction is underway and the project is slated to deliver in 2024.

CEDARst acquired two adjoining multi-story warehouses and a nearby surface parking lot in the North Loop and will renovate and redevelop the properties as a mixed-use project to include 358 apartment units, 40,000 square feet of commercial space and a parking structure.  The project will utilize federal and historic tax credits to preserve the historic nature of the existing buildings.  

As part of the capital stack, Northmarq originated a $101,500,000 non-recourse construction loan via Union Labor Life Insurance Company, a $12,000,000 mezzanine loan via Pearlmark and an approximately $27 million equity bridge loan from a regional bank. 

“This was a very complex transaction with numerous financing sources, and Northmarq was happy for the opportunity to be part of it,” said Trebil. “CEDARst has done a number of very successful historic rehabs similar to this around the country, and we look forward to seeing it take shape.”  

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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