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NorthMarq Arranges Refi on Twin Cities Affordable
NorthMarq Minneapolis’ Michael Padilla arranged the $12.75-million refinance of St. Paul Preservation Portfolio. The five-property portfolio in St. Paul, MN contains a combined 172 units.
NorthMarq and Freddie Mac funded the 16-year term loan under the Immediate 9% loan program secured by a first lien on the portfolio. Preservation Project One LLC represented the borrower.
“The borrower has been awarded a 9% tax credit allocation in association with this project,” said Padilla. “The $1.9-million rehab is anticipated to take 12 months. The rehab will be taking place with tenants in place.”
The property will operate under Minnesota’s Low Income Rental Classification (LIRC) 4d tax program. Accordingly, all units at the properties will be restricted to 60% of the area median income.
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- ◦Financing

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