Michael Padilla arranges $1 million refinance for Victorian Terrace Apartments in St. Cloud, Minnesota

Victorian Terrace Apts
MINNEAPOLIS (Feb. 6, 2014) – Michael Padilla, vice president of NorthMarq Capital’s Minneapolis-based regional office, secured refinancing of $1 million for Victorian Terrace Apartments, located at 230-240 Second Street NE, St. Cloud, Minn. Financing for the 48-unit multifamily property was structured with a 10-year term and 15-year amortization schedule and was arranged by NorthMarq for the borrower through its relationship with a correspondent life company.

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, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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