Brett Hood, managing director of NorthMarq’s Chicago regional office, secured more than $41.479 million in Freddie Mac debt to facilitate the acquisition of Hinton Heights in Cottage Grove, Minnesota.
The loan represented 79.8 percent of the subject purchase price featuring a seven-year fixed-rate term with three years of interest-only payments. NorthMarq arranged financing for the borrower, an affiliate of Oak Residential Partners, through its OPTIGO status as a Freddie Mac lender.
The subject acquisition represents the first for ORP’s latest fund vehicle eclipsing 10,000 units acquired nationwide since company inception.
Hinton Heights is a 249-unit garden-style apartment community in Cottage Grove, a suburb of St. Paul, Minnesota. Constructed in three separate phases (1990, 1994, and 1995), the property offers garages with direct-access private entrances to the units and immediate proximity to the local high school and retail.
Spread across 24.2 acres, the property boasts large one-, two-, and three-bedroom floorplans. Renovated apartments include stainless steel appliances, vinyl flooring, upgraded cabinetry, upgraded fixtures, walk-in closets and washer and dryer machines. The sponsor will continue unit renovations and plans to modernize the community will include rebranding, painting the buildings, upgrading the clubhouse and fitness center, and improving outdoor community areas.
