NorthMarq's Minneapolis office arranged $5.775 million in combined mortgages for two multifamily properties in Fargo, North Dakota
Somerset Apts
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.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
