MINNEAPOLIS, MINNESOTA (September 19, 2022) – Dan Trebil, senior vice president and managing director, and Bill Mork, vice president of Northmarq’s Minneapolis office, arranged $19.992 million in acquisition financing for the 121-unit Park View East Apartments, located at 14450 Rhinestone Street NW, in Ramsey, Minnesota.
The financing was arranged through Northmarq’s relationship with Freddie Mac and includes a 10-year fixed-rate structure with five years of interest only followed by a 30-year amortization schedule. Freddie Mac’s ability to lock the interest rate early on in the closing process resulted in an interest rate significantly below current rates.
The loan was secured on behalf of longstanding Northmarq client, Partner Apartments. This is the fourth transaction that Northmarq has closed on behalf of Partner Apartments.
“Partner Apartments is an aggressive investor seeking high-quality multifamily properties, and Park View East Apartments is a perfect addition to their strong Minnesota portfolio,” said Trebil. “We look forward to continuing to work with this client and are pleased they put their trust in Northmarq to achieve the best possible loan terms.”
Constructed in 2016, the four-story Park View East Apartments offers an urban, park-like setting with beautiful views of The Draw, Ramsey’s newest park, including its amphitheater and waterway.
Park View East offers one, two-, and three-bedroom units. Interior features include wood-style flooring, granite countertops, stainless-steal appliances, a spacious kitchen pantry, a private patio or balcony, and in-unit washer/dryers.
Community amenities include a clubhouse, resident lounge, fitness center, community room, dog park and indoor-washing station, playground, walking and jogging paths, and on-site maintenance and property management.
Situated just off Highway 10, Park View East provides easy access to both St. Paul and Minneapolis.