Northmarq Arranges $19M Refinance of Historic Apartments in St. Paul

Northmarq’s Minneapolis Debt + Equity team, led by Michael Padilla, arranged the $19.1 million refinance of Holden House Apartments, a 143-unit low-rise apartment community located at 1554 Midway Parkway in St. Paul, Minnesota.

Northmarq arranged the permanent, fixed-rate financing on behalf of the borrower, Midway Investor Group, through its relationship with a local community bank. The transaction was structured with a six-year term. “The local community bank delivered a strong financing solution that provided the borrower with long-term stability,” Padilla said.

This adaptive reuse project was completed in 2022 with the construction mini-perm financing also arranged by Padilla and the Northmarq team. Situated across Snelling Avenue from the Minnesota State Fairgrounds, Holden House offers convenient access to Interstate 94, Metro Transit bus routes and the METRO Green Line. The property is approximately seven miles from downtown Minneapolis and six miles from downtown St. Paul.

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