Northmarq’s Mike Padilla, senior vice president in the Minneapolis office, arranged the acquisition financing of $12.5 million for Timberland Heights. The 147-unit multifamily property is located at 1515 41st St. Northwest in Rochester, Minnesota.
The transaction was structured with a 10-year term with four years of interest-only payments on a 30-year amortization schedule. Northmarq secured financing for the borrower through its status as a Freddie Mac Optigo lender.
Located between Highway 52 and 63, Timberland Heights is pet-friendly and just minutes from shopping, dining and entertainment. The three-story community has three shopping centers within 1.1 miles and a nearby park, Quarry Hill Nature Center.
Residents can choose from one-, two-, and three-bedroom apartments, and benefit from many amenities including walk-in closets, balconies or patios, and fireplaces. Community amenities include: Detached garage parking, ample surface parking, fitness center, outdoor pool, clubhouse, laundry facilities in each building, playground, on-site maintenance and management, and convenient access to local employment.