NorthMarq Arranges Construction Loan on Apartments Near Mayo Clinic
The Minneapolis office of NorthMarq secured a $31.219-million construction loan for BRYK Apartments. The 180-unit multifamily property will be located at 401 Broadway Ave. North in Rochester, MN. NorthMarq arranged the construction-perm loan for the borrower through its relationship with a credit union.
“Our lender was able to provide the best combination of leverage, pricing and limited recourse, in addition to being willing to provide additional proceeds using a TIF note as collateral,” said Dan Trebil, managing director of NorthMarq’s Minneapolis office. “BRYK apartments will provide high quality rental housing with all units designated as affordable.”
Residents will benefit from the close proximity to downtown Rochester and the Mayo Clinic, as well as the Zumbro River and surrounding parks. The property is being delivered in the context of Mayo Clinic’s current “Destination Medical Center” plan, which centers around development and initiatives for growth in Rochester.
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).