Michael Padilla with the Minneapolis office of NorthMarq recently arranged the $12.75 million refinance of the St. Paul Preservation Portfolio, a portfolio that contains 172 units of affordable housing.
Padilla closed a loan with a 16-year term on a 35-year amortization schedule. NorthMarq and Freddie Mac funded the loan under the Immediate 9% loan program secured by a first lien on the portfolio.
All units at the properties are restricted to 60 percent AMI levels per the LIHTC LURA. The portfolio contains five properties.