Mike Padilla, senior vice president of Northmarq’s Minneapolis debt and equity team arranged the $21.727 million refinance for Oaks Minnehaha Longfellow. The 179-unit multifamily property is located in Minneapolis, Minnesota. Northmarq is a full-service capital markets resource for commercial real estate investors, with top experts in debt, equity, investment sales, and loan servicing.

The transaction was structured on a 5-year term with 3 years of interest only followed by a 35-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender.

Newly built in 2020, Oaks Minnehaha Longfellow has upscale amenities in an appealing Minneapolis neighborhood. The property is just 1.4 miles from popular parks, including Minnehaha Regional Park, which lies along the Mississippi River housing remarkable trails, limestone bluffs, and a waterfall. The property’s amenities include stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets, wood-style flooring, and easy access to biking and pedestrian pathways.