Northmarq’s Minneapolis office finalizes $3 million refinance of Town’s Edge Place in Faribault, Minnesota
MINNEAPOLIS, MINNESOTA (August 24, 2022) – Dan Trebil, executive vice president/regional managing director, and Bill Mork, vice president/producer of Northmarq’s Minneapolis debt/equity team, negotiated the $3 million refinance of Town’s Edge Place. The 64-unit/3-story multifamily property (built in 1973) is located at 851 Faribault Road, Faribault, Minnesota. The transaction was structured with a 7-year term followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through Spire Credit Union.
Town’s Edge Place is located 50 miles south of the Twin Cities and lies at the junction of the Straight and Cannon River. The property offers residents access to highly rated school districts, three private colleges, and two natural parks, all within 40 miles. Tenants benefit from Faribault’s historic attractions with employment and entertainment offerings from the larger Minneapolis MSA.
Amenities include: High-speed internet access, hardwood floors, carpeted bedrooms, office space, dishwasher, surface and garage parking, and all major utilities included in rent payment.
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