Northmarq finalizes $40 million refinance of newly built 250-unit multifamily property in Maple Grove, MN
MINNEAPOLIS (Feb. 21, 2024) — Northmarq’s Minneapolis Debt + Equity team of Andy Finn, managing director, and Dan Trebil, executive vice president and regional managing director, has successfully arranged the $39,995,000 refinance of Terra Residences. The 250-unit multifamily property was built in 2023 and is located in Maple Grove, Minnesota.
The transaction was structured on a 10-year term with 7 years interest only followed by a 35-year amortization schedule. Northmarq secured the permanent fixed-rate loan for the borrower, Roers Companies, through its in-house Freddie Mac team.
“In refinancing Terra Residences our focus was a strong financial structure with a 10-year term, blending interest-only and strategic amortization,” said Finn. “Our collaboration with Roers reflects their dedication as stewards to investors, ensuring lasting project success.”
"This financial strategy not only strengthens the foundation of Terra Residences but also exemplifies Roers commitment to delivering positive, investor-driven solutions in challenging environments,” added Trebil.
Situated in The Grove neighborhood within minutes of various shopping, dining, wellness and recreation, Terra Residences offers an ideal location and sophisticated one-, two- and three-bedroom apartment homes. Each unit boasts quartz countertops, stainless steel appliances and in-unit washer/dryer. Residents enjoy premium amenities such as an outdoor pool, golf simulator, fitness center with group studio and underground heated parking in addition to close proximity to I-94 and Highway 610.
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.
