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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. 


Inside The Story

Northmarq's Finn

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 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).

  • ◦Financing