MinnesotaFinance NorthMarq closes $12 million refinance of St. Paul affordable housing portfolio September 16, 2019 Share on Facebook Share on Twitter Share on LinkedIn Share via email 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.