Student Housing - Debt

Northmarq’s Minneapolis office completes $41.61 million refinance of student housing property in Mankato, Minnesota

MINNEAPOLIS, MINNESOTA (August 3, 2022) – Andy Finn, senior vice president in Northmarq’s Minneapolis-based debt/equity office, arranged for $41.61 million in financing for The Grove at Mankato. The 524-unit student housing property is located at 200 Briargate Road in Mankato, Minnesota. The transaction was structured on a non-recourse basis with a 7-year term with 3-years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its relationship with a credit union. 

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.