Northmarq’s Minneapolis Debt + Equity team of Andy Finn, managing director, and Dan Trebil, executive vice president and regional managing director, has arranged the $39.995 million refinance of Terra Residences. The 250-unit multifamily property was built in 2023 and is located in Maple Grove, Minnesota.
The transaction was structured on a 10-year term with 7 years interest only followed by a 35-year amortization schedule. Northmarq secured the permanent fixed-rate loan for the borrower, Roers Companies, through its in-house Freddie Mac team.
Situated in The Grove neighborhood within minutes of various shopping, dining, wellness and recreation, Terra Residences offers an ideal location and sophisticated one-, two- and three-bedroom apartment homes.
Each unit boasts quartz countertops, stainless steel appliances and in-unit washer/dryer. Residents enjoy premium amenities such as an outdoor pool, golf simulator, fitness center with group studio and underground heated parking in addition to close proximity to I-94 and Highway 610.
