Dan Trebil, senior vice president/managing director, and Bill Mork, vice president, of NorthMarq’s Minneapolis office secured acquisition financing of $9 million for Radford Place Apartments. The 108-unit, three-story multifamily property is located in Dubuque, Iowa.
The transaction was structured with a 10-year term with two years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender.
The property’s residents benefit from Dubuque’s nearby major attractions such as the National Mississippi River Museum and Aquarium and the Dubuque Arboretum and Botanical Gardens, as well as a plethora of casinos, restaurants, nearby high-ranking schools and universities and bars near the riverfront.
Amenities include: Property manager on-site, 24-hour availability, washer/dryer in unit, air conditioning, heating, smoke free, tub/shower, sprinkler system, wheelchair accessible rooms, dishwasher, disposal, ice maker, microwave, oven, range, refrigerator, freezer, carpet, vinyl flooring and walk-in closets.
“The buyer was able to secure an aggressively priced, full-leverage loan with partial interest only, even in a smaller market. Radford has a stable operating history and will be a great long-term asset for the buyer,” said Trebil.