Dan Trebil, senior vice president/senior director of NorthMarq Capital’s Minneapolis-based regional office, arranged the $34.5 million refinancing of 7west Apartments, a property consisting of 218-units at 1800 Washington Avenue South in Minneapolis.
The transaction was structured with a 15-year term and 30-year amortization following two years of interest-only. Financing was arranged by NorthMarq for the borrower through its relationship with a correspondent life company.
The borrower’s objective was to lock in a long-term interest rate as early as possible. This loan allowed the borrower to achieve that goal early in its lease-up period and well in advance of fully stabilized occupancy.
