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.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.