Chicago & Midwest + Midwest + Finance | August 4, 2022

Northmarq Secures $42M Loan on Mankato Student Housing

Andy Finn, SVP in Northmarq’s Minneapolis-based debt/equity office, arranged $41.61 million in financing for The Grove at Mankato. The 524-unit student housing property is located at 200 Briargate Road in Mankato, MN.

The transaction was structured on a non-recourse basis with a seven-year term with three years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its relationship with a credit union.

Managed by Greystar, the property is within a short walk to the campus of Minnesota State University as well as downtown Mankato.

Connect

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 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