Michael Padilla, vice president in NorthMarq’s Minneapolis office, arraigned a $19 million construction loan for 1554 Midway Parkway in St. Paul, Minnesota.
The 148-unit, adaptive reuse, market-rate multifamily property will complete renovation in 2022.
The transaction was structured as a five-year term with two years of interest-only followed by a 25-year amortization schedule. NorthMarq brokered this construction loan on behalf of Premier Holdings LLC, through its relationship with a local bank.
