High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
Chicago & Midwest  + Midwest  + Finance  | 

NorthMarq Arranges Refi on Twin Cities Affordable

NorthMarq Minneapolis’ Michael Padilla arranged the $12.75-million refinance of St. Paul Preservation Portfolio. The five-property portfolio in St. Paul, MN contains a combined 172 units.

NorthMarq and Freddie Mac funded the 16-year term loan under the Immediate 9% loan program secured by a first lien on the portfolio. Preservation Project One LLC represented the borrower.

“The borrower has been awarded a 9% tax credit allocation in association with this project,” said Padilla. “The $1.9-million rehab is anticipated to take 12 months. The rehab will be taking place with tenants in place.”

The property will operate under Minnesota’s Low Income Rental Classification (LIRC) 4d tax program. Accordingly, all units at the properties will be restricted to 60% of the area median income.

Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.


Subscribe to Connect Daily Chicago

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With NorthMarq’s Padilla

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
New call-to-action
New call-to-action
New call-to-action