MINNEAPOLIS, MINNESOTA (October 12, 2022) – Dan Trebil, executive vice president/regional managing director in Northmarq’s Minneapolis office, arranged a $20.34 million in permanent-fixed financing for a 143-unit income-restricted senior housing property (built in 2021). It is located in Brooklyn Park, Minnesota.
The transaction was structured with a 15-year term on a 35-year amortization schedule and was a conversion of a Freddie Mac TEL originated in 2020. The Freddie Mac TEL program allowed the borrower to mitigate their interest rate risk by fixing the rate prior to construction in 2020. As a result, the rate on their recently converted loan is well below rates available in the market today.
Apartment amenities include: Window coverings, wheelchair access, refrigerator, large closets, handrails, extra storage, electronic thermostat, disposal, carpeting, cable ready, dishwasher, efficient appliances, individual A/C, high ceilings, microwave, and view. Community amenities include: Sundeck, short-term lease, public transportation, on-site management, package receiving, off-street parking, green building certification, free weights, garage, elevator, clubhouse, bike racks, available 24-hours, BBQ/picnic area, controlled/gated access, courtyard, fitness center, indoor corridor, high speed internet, and on-site maintenance.