Northmarq’s Debt + Equity team arranges $22.727M refinance of One West Drive apartments in Excelsior, MN

EXCELSIOR, Minn. — Northmarq’s Minneapolis Debt + Equity team led by Andy Finn successfully arranged the $22.727 million refinancing of One West Drive, a 49-unit boutique apartment located at One West Drive in Excelsior, Minnesota.

Northmarq arranged the permanent fixed rate financing on behalf of the borrower, which included Monarch Development Partners, Red Leaf Partners and Brue Baukol Capital Partners through the firm’s in-house Fannie Mae DUS platform.

“One West Drive is an exceptional asset in one of the most sought-after areas of the Twin Cities to live” Finn said. “The project started in 2022 when my clients were awarded the right to develop the project on the site of the former Excelsior City Hall and west parking lot. The city wanted to work with a development partner that had strong ties to the area and that had a dynamic vision for this underutilized piece of land in the heart of Excelsior. What they created was an ultra-high end boutique project with apartments and row homes above a new city owned parking ramp that now commands some of the highest apartment rents in the state. I have had the pleasure of working with this team on the original partnership structure, construction financing and now their high value permanent refinance. It always amazes me to see the creativity, hard work and dedication from so many to develop projects like One West Drive.”

Completed in late 2024, One West Drive features seven connected two-story buildings and boasts a location between Excelsior’s historic downtown and a single-family residential village. Unit options include one-, two- and three-bedroom apartments as well as two-bedroom rowhomes with private rooftops and garages. The property includes underground private parking, public parking garage spaces, 11 private walk-up rowhome residents, 38 private apartments and outdoor amenity spaces.

Community amenities include a spa pool with lounge seating, an indoor/outdoor fitness and yoga studio, private dining room, a co-working lounge, outdoor grilling and dining with firepit, resident garden area, two story lobby and a dog run and spa.