The Minneapolis office of NorthMarq secured a $31.219 million construction loan for BRYK Apartments. The 180-unit multifamily property will be located at 401 Broadway Ave. North in Rochester, Minnesota.
NorthMarq arranged the construction-perm loan for the borrower through its relationship with a credit union.
Residents will benefit from the close proximity to downtown Rochester and the Mayo Clinic, as well as the Zumbro River and surrounding parks. The property is being delivered in the context of Mayo Clinic’s current “Destination Medical Center” plan, which centers around development and initiatives for growth in Rochester.
