Northmarq’s Minneapolis office arranges $21,727,000 refinancing of Oaks Minnehaha Longfellow
MINNEAPOLIS (July 18, 2023) — Mike Padilla, senior vice president of Northmarq’s Minneapolis debt/equity team arranged the $21.727 million refinance for Oaks Minnehaha Longfellow. The 179-unit multifamily property is located in Minneapolis, Minnesota. The transaction was structured on a 5-year term with 3 years interest only followed by a 35-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender.
Newly built in 2020, Oaks Minnehaha Longfellow boasts upscale amenities in an appealing Minneapolis neighborhood. The property is just 1.4 miles from popular parks, including Minnehaha Regional Park, which lies along the Mississippi river housing remarkable trails, limestone bluffs and a 53 ft. tall waterfall. Oaks Minnehaha Longfellow is attractive to walkers and bikers for its abundance of lush trees and pathways surrounding the property.
Apartment amenities include stainless steel appliances, quartz countertops, custom cabinetry, in-unit washer/dryer, private balcony/patio, walk-in closets, wood-style flooring, high speed internet access and intercom system.
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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.
