Finance W Minnesota

NorthMarq provides $16 million in financing for apartment portfolio in Minnesota

NorthMarq provides $16 million in fnancing for apartment portfolio in Minne,ph01

Mike Padilla, vice president of NorthMarq’s Minneapolis-based office, arranged acquisition financing of $16.8 million for a multifamily portfolio of 16 properties (220 combined units) in Minneapolis and Edina, Minnesota.

The permanent-fixed loan was structured with a three-year interest-only term followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Aeon, a local non-profit, through its relationship with Freddie Mac.

The mixed-income acquisition, with more than half of the units at or below 60 percent of area median income, of these 16 properties is a naturally occurring affordable housing (NOAH) preservation.