Michael Padilla, vice president in NorthMarq’s Minneapolis office, arranged the $32.234 million refinance of Stone Arch Apartments. The 221-unit LIHTC/affordable housing property, built in 2002, is located at 601 Main St. SE in Minneapolis. The transaction was structured with a seven-year loan on a 30-year amortization schedule.
NorthMarq negotiated the permanent-fixed loan for the borrower through Freddie Mac’s TAH program.
Situated in Minneapolis’ “first neighborhood,” Marcy-Holmes, the property is just minutes from I-35W, shopping, restaurants, entertainment and many more attractions throughout the Twin Cities region. Adjacent to the property are two Minnesota landmarks, the Mississippi River and The University of Minnesota.
Community amenities include: Fitness center, laundry facilities, elevator, controlled access, recycling, business center, grill and gated community. Apartment amenities include: Air conditioning, dishwasher, loft layout, high-speed internet access, hardwood floors, walk-in closets, microwave and refrigerator.
