Andy Finn, senior vice president in Northmarq’s Minneapolis-based debt/equity office, arranged for $41.61 million in financing for The Grove at Mankato.
The 524-unit student housing property is located at 200 Briargate Road in Mankato, Minnesota.
The transaction was structured on a non-recourse basis with a seven-year term with three years of interest-only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its relationship with a credit union.
