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Northmarq Arranges Refi for Apartments in Twin Cities’ Far Western Suburbs
Michael Padilla, SVP in Northmarq’s Minneapolis office, arranged a $6,843,000 refinance for Evergreen Square Apartments. The multifamily property consists of 78 units and is located at 911 6th Ave. in Buffalo, MN.
The transaction was structured with a seven-year interest-only term followed by a 35-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its in-house Fannie Mae DUS program.
“This was a refinance of an existing Fannie Mae loan,” said Padilla. “Ease of execution and an expedited SRL application made this this transaction a win for all parties involved.”
Built in 1990, the three-story Evergreen Square Apartments offers a newer community at an affordable price. The pet-friendly property offers one-, two-, and three-bedroom units in the Wright Far Western Suburbs. Residents of Evergreen Square enjoy three shopping centers within half a mile and an array of restaurants just off Highway 55 and 52.
- ◦Financing


