Northmarq’s Minneapolis team arranges $28.575M construction loan for Olivine Apartments
VICTORIA, Minn. (Nov. 18, 2024) — Northmarq’s Minneapolis Debt + Equity team led by Dan Trebil and Andy Finn, successfully arranged the $28.575 million new construction loan for Olivine Apartments, a 145-unit new multifamily community at 2000 Steiger Lake Ln. in Victoria, Minnesota.
Northmarq arranged financing on behalf of the borrower, Schafer Richardson and Marco McLane Development, through Associated Bank. The deal also features preferred equity which Northmarq also arranged through Minnesota-based Ackerberg Group.
“This financing structure, combining both senior debt and preferred equity, is a testament to the market’s resilience and adaptability in today’s economic landscape,” Finn said. “It’s been a pleasure collaborating with the entire team, and we look forward to seeing this project come to life, providing a high-quality housing experience for future residents.”
Olivine Apartments are slated to be built in 2025. Located in the heart of charming Victoria, the new multifamily community sits just blocks from local bars and restaurants, entertainment, fitness, walking trails and more. It sits in close proximity to Minnesota State Hwy 5, which connects to U.S. Hwy 212 as well as Interstates 494, 35W and 35E servicing both Minneapolis and St. Paul — both of which sit 25 and 35 miles away, respectively.
Meet our team
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.
