Michael Padilla, senior vice president in Northmarq’s Minneapolis office, arranged the $6.843 million refinance for Evergreen Square Apartments. The multifamily property consists of 78 units and is located at 911 6th Ave. in Buffalo, Minnesota.
The transaction was structured with a seven-year interest-only term followed by a 35-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its inhouse Fannie Mae DUS program.
Built in 1990, the three-story Evergreen Square Apartments offers newer community at an affordable price. The pet-friendly property offers one-, two-, and three-bedroom units and a great location in the Wright Far Western Suburbs. Residents of Evergreen Square enjoy three shopping centers within half a mile and an array of restaurants just off Highway 55 and 52.
