Northmarq’s Minneapolis office completes $41.61 million financing 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.