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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.
- ◦Financing


