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Northmarq Arranges Refi on Workforce Housing in Minneapolis Suburbs
Northmarq negotiated the $45,025,000 refinance of Axle Apartments, a 262-unit workforce housing property in Fridley, MN, on behalf of Roers Companies. SVP Andy Finn and managing director Dan Trebil arranged a 10-year term with seven years of interest-only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed rate loan for the borrower through its Optigo status as a Freddie Mac lender.
“We were able to leverage our Freddie Mac platform to provide the best combination of financial terms with the ability to lock the interest rate during lease-up, prior to full stabilization,” said Finn.
Situated in the “first ring” of Minneapolis’ suburbs, Fridley offers a small-town environment while providing quick access to nearby urban amenities. Three institutions of higher learning (Bethel University, Northwest College, and North Hennepin Community College) are within 10.6 miles. Residents benefit from three shopping centers within 1.5 miles, and five parks within 4.6 miles.
- ◦Financing
