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Northmarq Secures $56M in Debt, Equity for BTR Property

Northmarq’s Minneapolis Debt & Equity team of Andy Finn, senior vice president and senior director, and Dan Trebil, executive vice president and regional managing director, has secured a $35.5 million construction loan and $20.65 million in equity for a 155-unit build-to-rent (BTR) property in Maple Grove, Minnesota.

Northmarq arranged the construction loan for the borrower, Norsq Companies and Enclave Companies, with a regional bank and the equity from an institutional pension fund. “Norsq and Enclave had a vision for the type of project they wanted to create along with a specific type of capital partner,” said Finn.

Located at 17425 101st Avenue N., Maple Grove Townhomes is part of a larger development plan for a 200-unit apartment building and a 9,000-square-foot commercial building. The new market-rate townhomes are planned to include two- and three-bedroom units. The community will feature a fitness center, outdoor pool pet spa, business center, pickleball court and playground.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.


Inside The Story

NorthmarqNorsq CompaniesEnclave Companies

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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