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Chicago & Midwest  + Midwest  + Apartments  |  October 12, 2026
Jasmine Kilman
By: Jasmine Kilman

Northmarq Secures $50M Refinancing of Multifamily Asset in MN

Northmarq has arranged $50 million in financing for Ardor on the Bluffs, a 235-unit mid-rise multifamily community in Bloomington, Minnesota.

Located at 3701 American Blvd, the complex is located just minutes from MSP International Airport and the Mall of America. Northmarq’s Minneapolis Debt + Equity team, led by Dan Trebil, arranged the financing on behalf of the borrower through a relationship with a life insurance company. “Ownership and management have done a tremendous job at Ardor, and this new financing will allow ownership flexibility as they complete their lease-up,” said Trebil.

Completed in December 2024, Ardor on the Bluffs is a six-story luxury multifamily community offering studio, one- and two-bedroom apartment homes. Situated in Bloomington’s South Loop district, Ardor on the Bluffs provides convenient access to a wide range of employment centers and transportation corridors. The surrounding area also offers a selection of shopping, dining and entertainment destinations

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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