Chicago & Midwest + Midwest + Finance | January 30, 2023

Northmarq arranged a seven-year, interest-only loan to refinance Evergreen Square Apartments in the Twin Cities suburb of Buffalo, MN

Northmarq Arranges Refi for Apartments in Twin Cities’ Far Western Suburbs

Michael Padilla, SVP in Northmarq’s Minneapolis office, arranged a $6,843,000 refinance for Evergreen Square Apartments. The multifamily property consists of 78 units and is located at 911 6th Ave. in Buffalo, MN.

The transaction was structured with a seven-year interest-only term followed by a 35-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its in-house Fannie Mae DUS program.

“This was a refinance of an existing Fannie Mae loan,” said Padilla. “Ease of execution and an expedited SRL application made this this transaction a win for all parties involved.”

Built in 1990, the three-story Evergreen Square Apartments offers a newer community at an affordable price. The pet-friendly property offers one-, two-, and three-bedroom units in the Wright Far Western Suburbs. Residents of Evergreen Square enjoy three shopping centers within half a mile and an array of restaurants just off Highway 55 and 52.

Connect

Inside The Story

Northmarq's Padilla

About Paul Bubny

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).

Order Reprints