Northmarq Arranges Acquisition Loan on Suburban Twin Cities Offices
Bill Mork, VP in Northmarq’s Minneapolis office, secured acquisition financing of $28,820,000 for the Centre Pointe Business Park in Mendota Heights, MN. The eight-building, single-story, professional suburban office park is located at 2060 Centre Pointe Blvd. CBRE represented the seller in the transaction.
The permanent-fixed loan was arranged for the buyer, Edina-based Capital Partners, which is aggressively seeking out investment opportunities in the Twin Cities. It was structured with a 10-year term with an interest-only period on a 25-year amortization schedule. NorthMarq arranged a permanent-fixed loan for the borrower through its relationship with a local credit union.
“This was a very competitive deal, and a lot of that was driven by the borrower, who is a strong leader in the market,” Mork said. “Lenders know Capital Partners and want to work with them, so we were able to get creative in our financing.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).