Multifamily - Debt

NorthMarq's Minneapolis office arranged $5.775 million in combined mortgages for two multifamily properties in Fargo, North Dakota

MINNEAPOLIS (January 2, 2013) – Patrick S. Minea, senior vice president and managing director of NorthMarq’s Minneapolis-based regional office, arranged combined first mortgage refinancings of $5.775 million for two multifamily properties containing a combined total of 141 market-rate multifamily units located in Fargo, North Dakota.

• Somerset Apartments is located at 4910-4930 15th Avenue SW and contains 75 market-rate multifamily units. It was refinanced at $3,375,000.
• Twin Parks Apartments is located at 4430 9th Avenue Circle South and contains 66 market-rate multifamily units. It was financed at $2,400,000.

Financing for both of these properties was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.