Northmarq’s Mike Padilla, senior vice president, secured $9.5 million in refinancing for Isles East and West, an 85-unit apartment complex in Minneapolis, Minnesota.
The transaction was structured with a five-year term with three years of interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent, fixed-rate refinancing for the borrower through its relationship with an agency lender.
The Isles East and West Apartments sit in the heart of Uptown Minneapolis, within walking distance of Lake Calhoun, shopping, restaurants, bike trails, and more. The neighborhood of Uptown has much to offer, serving as a hub for Minneapolis arts and entertainment. Isles East and West residents enjoy easy access to nightlife and the nearby Warehouse District.
The historic three-story building offers two-bedroom floor plans and is situated less than 5 minutes from Minneapolis College. Isles East and West not only has 3 shopping centers within walking distance, but also five parks, such as Mueller Park and Bryant Square Park, within a 20-minute walk.
