Northmarq’s Minneapolis office arranges $40 million refinance for The Bowline at Mississippi Crossings in Champlin, Minnesota

MINNEAPOLIS, MINNESOTA (June 30, 2022) – Patrick Minea, Executive Vice President/Executive Managing Director of Northmarq’s Minneapolis office, arranged the $40 million refinance of The Bowline at Mississippi Crossings, a new 212-unit, upscale multifamily property at 220 E. River Parkway in Champlin, Minnesota. 

Northmarq arranged the financing for the borrower, Minneapolis-based Greco, through its correspondent relationship with a life insurance company.

Greco, which owns a Twin Cities portfolio of six multifamily projects totaling roughly 1,000 units, used Bridgewater Bank to finance the construction of The Bowline as well as for the tax increment financing loan.

Northmarq has placed a permanent loan on the property by arranging the $40 million, permanent fixed-rate, seven-year, interest-only financing.

“From Northmarq’s perspective, we are appreciative of the trust that Greco placed in us to handle this assignment, and we are happy we were able to accomplish the financing on the favorable terms that worked well for the borrower and the lender,” said Minea.

The Bowline, which leased up very quickly, is the first market-rate apartments developed in Champlin in two decades. “The project was met with a lot of demand and delivered at a point in the marketplace where there was a high level of need for the Champlin community,” noted Greco President/Owner Josh Brandsted.

The Class A complex, which includes a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, features Mississippi riverfront views, private balconies and patios, designer cabinets and quartz countertops. The Bowline also includes upscale amenities such as a resort-style pool and patio, a private theater, a co-working lounge and coffee bar, and a pro-grade fitness studio and gym.

The Bowline is a major component of the Mississippi Crossings development, which is part of the Mississippi Crossings Tax Increment Financing District. In a public-private partnership with the City of Champlin, Greco was named the master developer of a 12-acre site in Mississippi Crossings, which also includes a public waterfront pavilion, a city park, an event center, and an amphitheater – all developed by the City. Greco is also working with a restaurant group to open a new restaurant on the site. Additionally, Greco built the public infrastructure for Mississippi Crossings including the public parking facility and utilities.

“Together with the vision of the City leaders, we wanted to create a place that gives the entire community the opportunity to engage with and take advantage of the riverfront,” Brandsted said.

Northmarq has a well-established relationship with Greco of more than 15 years. Other noteworthy multifamily developments that Northmarq and Greco have partnered on include Emrik SV in Shoreview, The Copham and ElseWarehouse in Minneapolis’ North Loop, and Flux and Blue apartments, both in Minneapolis’ Uptown neighborhood.

“One of the reasons that we work with Northmarq is the longstanding level of trust there,” noted Brandsted. “We know that when we work on a project with them, it is going to get executed in the fashion that was talked about on the front end, without a lot of changes along the way. If we do run into obstacles, they are there alongside us, helping us navigate the path and coming up with good solutions. The other piece is the ongoing, day-to-day relationship that we have with Pat and his team. They have created a strong client interaction.”