Northmarq secures equity and debt financing for premier Excelsior multifamily development

One West Drive

MINNEAPOLIS, MINNESOTA (March 7, 2023) — Northmarq is pleased to announce that it has secured both the equity and construction financing for One West Drive, a premier 49-unit market-rate rental housing development located in the heart of Excelsior, Minnesota. Financing was procured on behalf of the local developers, Red Leaf Partners, LLC and Monarch Development Partners, LLC. The equity partner is Denver-based Brue Baukol Capital Partners. The construction loan is being provided by MidWestOne Bank. 

“Securing both equity and construction financing is exceptionally challenging in the current environment, and relationships and depth of experience in sourcing both equity and debt is more important than ever,” said Carl Runck, Founder of Monarch Development Partners. Northmarq’s Andy Finn, senior vice president/senior director – debt/equity in the Minneapolis office, ran a competitive process to secure both the equity and debt at the best available terms. The construction loan was structured with 65 percent leverage on a 3-year term with 3-years interest only and limited guarantees, and the equity partner provided capital up to 90 percent of the total project costs.

“The financial terms are obviously important, however, anytime an investor or developer is taking on outside capital, it’s also critical to find the right cultural fits between organizations. We are very pleased to have found an exceptional capital partner for our client on this deal, and hopefully potential partners on future deals as well,” added Finn. 

One West Drive is a unique development opportunity in downtown Excelsior just steps from Lake Minnetonka and dozens of restaurants and shops. The developers worked closely with the City of Excelsior on a redevelopment plan for the 1.4-acre site that includes market-rate apartments and row homes along with much needed public parking. A below-grade parking garage will create 322 parking stalls, 78 of which will be dedicated to One West residents. 

“We are very excited to be moving forward with what we believe is a once-in-a-generation project. This site is a prime location in downtown Excelsior that will provide residents with a lifestyle experience that is totally unique in the surrounding area,” said Dan Johnson, Founder of Red Leaf Partners.

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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