250-Unit Minnesota Apartment Complex Lands $40M Refi  

Northmarq’s Minneapolis Debt + Equity team of Andy Finn, managing director, and Dan Trebil, executive vice president and regional managing director, has arranged the $39.99 million refinance of Terra Residences. The 250-unit multifamily property was built in 2023 and is located in Maple Grove, Minnesota.

The transaction was structured on a 10-year term with seven years interest only, followed by a 35-year amortization schedule. “In refinancing Terra Residences, our focus was a strong financial structure with a 10-year term, blending interest-only and strategic amortization,” said Finn.

Northmarq secured the permanent fixed-rate loan for the borrower, Roers Companies, through its in-house Freddie Mac team.”This financial strategy not only strengthens the foundation of Terra Residences but also exemplifies Roers commitment to delivering positive, investor-driven solutions in challenging environments,” added Trebil.

Terra Residences is situated within minutes of shopping, dining, wellness and recreation options. The property features a mix of one-, two- and three-bedroom apartment homes.

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