MINNEAPOLIS, MINNESOTA (September 17, 2021) – Michael Padilla, vice president in NorthMarq’s Minneapolis office, arranged the $32,234,000 refinance of Stone Arch Apartments. The 221-unit LIHTC/affordable housing property, built in 2002, is located at 601 Main Street SE in Minneapolis, Minnesota. The transaction was structured with a 7-year on a 30-year amortization schedule. NorthMarq negotiated the permanent-fixed loan for the borrower through Freddie Mac’s TAH program.
Situated in Minneapolis’ “first neighborhood,” Marcy-Holmes, the property is just minutes from I-35W, shopping, restaurants, entertainment and many more attractions offered throughout the Twin Cities region. Adjacent to the property are two Minnesota landmarks, the Mississippi River and The University of Minnesota. Community amenities include: Fitness center, laundry facilities, elevator, controlled access, recycling, business center, grill and gated community. Apartment amenities include: Air conditioning, dishwasher, loft layout, high-speed internet access, hardwood floors, walk-in closets, microwave and refrigerator.
“Freddie Mac’s TAH program provided the loan terms that best suited the borrower and property needs. NorthMarq, through Freddie Mac, is grateful for the opportunity to help maintain affordable housing in Minneapolis,” said Padilla.