Andy Finn, senior vice president, and Dan Trebil, managing director of Northmarq’s Minneapolis debt/equity team, negotiated the $45.025 million refinance of Axle Apartments in Fridley, Minnesota, on behalf of Roers Companies.
The 262-unit workforce housing property is located at 6530 University Ave. NE in Fridley. The transaction was structured with a 10-year term with seven years of interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed rate loan for the borrower through its Optigo status as a Freddie Mac lender.
Situated in the “first ring” of Minneapolis’ suburbs, Fridley offers a small-town environment while providing quick access to nearby urban amenities. Three institutions of higher learning (Bethel University, Northwest College, and North Hennepin Community College) are within 10.6 miles. Residents benefit from three shopping centers within 1.5 miles, as well as five parks within 4.6 miles.