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.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
