Northmarq’s Minneapolis Debt + Equity team led by Lucas Goring and Logan McCarthy successfully arranged a $13.54 million refinance for Sherwood Glen and Keller Flats. The two garden apartment communities total 165 units and are located in Maplewood, Minnesota.
Northmarq arranged the permanent-fixed financing on behalf of the borrower, Kentaurus Capital, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term.
Built in 1964 and 1966, Sherwood Glen (2140 Barclay St. N) and Keller Flats (2275 Atlantic St.) operate as naturally occurring affordable housing. The properties maintain strong affordability characteristics, with all units operating at or below 60 percent of the area median income and 96 percent operating at or below 50 percent. Since acquiring the assets in 2021, Kentaurus Capital has invested in significant capital improvements, including roof replacements, exterior upgrades, parking lot improvements and common area enhancements.
The properties are situated just under one mile apart. The Maplewood submarket offers residents convenient access to major employment centers throughout the eastern region of the Twin Cities.
The location provides strong regional connectivity with immediate access to Interstate 694, Interstate 94 and Highway 36. Residents also benefit from proximity to everyday retail, dining and services at nearby centers including Maplewood Mall. The communities feature tenant-controlled air conditioning, balconies, picnic areas and 24-hour controlled access.
