Northmarq announces acquisition financing of $12.5 million for Timberland Heights in Rochester, Minnesota
MINNEAPOLIS, MINNESOTA (January 17, 2023) — Northmarq’s Mike Padilla, senior vice president in the Minneapolis office, arranged the acquisition financing of $12.5 million for Timberland Heights. The 147-unit multifamily property (built in 1975) is located at 1515 41st Street Northwest in Rochester, Minnesota. The transaction was structured with a 10-year term with 4-years of interest only payments on a 30-year amortization schedule. Northmarq secured financing for the borrower through its status as a Freddie Mac Optigo lender.
“The Minneapolis office of Northmarq is pleased to have closed this acquisition financing for Timberland Heights,” said Padilla. “The multifamily community is 100 percent mission driven and features comprehensive property amenities.”
Located between Highway 52 and 63, Timberland Heights is pet-friendly and just minutes from shopping, dining, and entertainment. The three-story community has three shopping centers within 1.1 miles and a nearby park, Quarry Hill Nature Center.
Residents can choose from one-, two-, and three-bedroom apartments, and benefit from many amenities including walk-in closets, balconies or patios, and fireplaces. Community amenities include: Detached garage parking, ample surface parking, fitness center, outdoor pool, clubhouse, laundry facilities in each building, playground, on-site maintenance and management, and convenient access to local employment.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
