Patrick Minea, executive vice president and executive managing director of Northmarq’s Minneapolis office, arranged the $40 million refinance of The Bowline at Mississippi Crossings, a new 212-unit, upscale multifamily property at 220 E. River Parkway in Champlin, Minnesota.
Northmarq arranged the financing for the borrower, Minneapolis-based Greco, through its correspondent relationship with a life insurance company.
Greco, which owns a Twin Cities portfolio of six multifamily projects totaling roughly 1,000 units, used Bridgewater Bank to finance the construction of The Bowline as well as for the tax increment financing loan.
Northmarq has placed a permanent loan on the property by arranging the $40 million, permanent fixed-rate, seven-year, interest-only financing.
The Bowline, which leased up very quickly, is the first market-rate apartments developed in Champlin in two decades.”
The Class-A complex, which includes a mix of studio, one-bedroom, two-bedroom and three-bedroom apartments, features Mississippi riverfront views, private balconies and patios, designer cabinets and quartz countertops. The Bowline also includes upscale amenities such as a resort-style pool and patio, a private theater, a co-working lounge and coffee bar, and a pro-grade fitness studio and gym.
The Bowline is a major component of the Mississippi Crossings development, which is part of the Mississippi Crossings Tax Increment Financing District. In a public-private partnership with the City of Champlin, Greco was named the master developer of a 12-acre site in Mississippi Crossings, which also includes a public waterfront pavilion, a city park, an event center, and an amphitheater – all developed by the City.
Greco is also working with a restaurant group to open a new restaurant on the site. Additionally, Greco built the public infrastructure for Mississippi Crossings including the public parking facility and utilities.
