Northmarq arranges acquisition financing of $11,840,000 for University Crossing in St. Paul’s Midway District
MINNEAPOLIS, MINNESOTA (February 8, 2022) – Bill Mork, Vice President of Northmarq’s Minneapolis office, negotiated $11.84 million in acquisition financing for University Crossing. The 84,150 sq. ft. medical office building is located at 2200 University Avenue West in St. Paul, Minnesota. CBRE represented Essjay Investments, who sold the property to Capital Partners LLP. The transaction was structured with a 10-year term on a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its relationship with a commercial bank.
“In a challenging office lending market, we were able to meet the client’s needs for high leverage acquisition financing with future funding for TI/LCs,” said Mork. “We sourced bank, bridge, and life company quotes for this acquisition and our banking relationship offered the most attractive terms – including a three percent interest rate and two years of interest only.”
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 more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
