Northmarq’s Minneapolis office finalizes $10.3 million loan for Hillside East in New Brighton, Minnesota
MINNEAPOLIS, MINNESOTA (August 31, 2022) – Andy Finn, senior vice president of Northmarq’s Minneapolis debt and equity team, arranged the $10,290,000 permanent-fixed loan for Hillside East Apartments. The multifamily property consists of 108-units and is located at 371 Old Highway 8 South West in New Brighton, Minnesota.
The transaction was structured with a 10-year term with 6-years of interest only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its Optigo status as a Freddie Mac lender. “Freddie Mac offered the best combination of proceeds, as well as a very competitive rate and term,” said Finn.
Residents of Hillside East Apartments benefit from numerous community amenities such as laundry facilities, an outdoor pool, and a playground. Additionally, individual units feature a balcony, vinyl flooring in the bathrooms, and air conditioning. Located just 11 miles northeast of Minneapolis and 14 miles northwest of Saint Paul, New Brighton is a pristine suburb of the Twin Cities known for its quiet neighborhoods, convenient amenities, and close proximity to big city attractions.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
