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Chicago & Midwest  + Midwest  + Finance  | 
Northmarq arranged an agency loan to refinance Isles East and West, an historic apartment property in Uptown Minneapolis

Historic Minneapolis Apartments Land Refi via Northmarq

Northmarq SVP Mike Padilla secured $9.5 million in refinancing for Isles East and West, an 85-unit apartment complex in Minneapolis. The transaction was structured with a five-year term with three years interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent, fixed-rate refinancing for the borrower through its relationship with an agency lender. 

Built in 1922, the historic three-story building offers two-bedroom floor plans and is situated less than 5 minutes from Minneapolis College. Isles East and West not only has three shopping centers within walking distance, but also has five parks, such as Mueller Park and Bryant Square Park, within a 20-minute walk. 

The Isles East and West Apartments are located in Uptown Minneapolis, within walking distance of Lake Calhoun, shopping, restaurants and bike trails. The neighborhood of Uptown serves as a hub for Minneapolis arts and entertainment.  

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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
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