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Northmarq Arranges Acquisition Loan on Suburban Twin Cities Offices
Bill Mork, VP in Northmarq’s Minneapolis office, secured acquisition financing of $28,820,000 for the Centre Pointe Business Park in Mendota Heights, MN. The eight-building, single-story, professional suburban office park is located at 2060 Centre Pointe Blvd. CBRE represented the seller in the transaction.
The permanent-fixed loan was arranged for the buyer, Edina-based Capital Partners, which is aggressively seeking out investment opportunities in the Twin Cities. It was structured with a 10-year term with an interest-only period on a 25-year amortization schedule. NorthMarq arranged a permanent-fixed loan for the borrower through its relationship with a local credit union.
“This was a very competitive deal, and a lot of that was driven by the borrower, who is a strong leader in the market,” Mork said. “Lenders know Capital Partners and want to work with them, so we were able to get creative in our financing.”
- ◦Financing
