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MinnesotaFinance

NorthMarq Capital provides $35 million in refinancing funds for Minneapolis apartment building

Staff Writer April 5, 2017
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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.

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