Towle Financial Services recently closed $7.3 million in permanent loans for Pine Tree Park Apartments and 241-247 Snelling Avenue South in St. Paul, Minn.
Pine Tree Park Apartments is a 199-unit, seven-building apartment complex in St. Paul. The property is owned by 806 Hazel Street, LLC. The proceeds were used to pay off the underlying CMBS first mortgage loan.
“Refinancing our property now and paying off the underlying CMBS loan early allowed us to take advantage of historically low interest rates,” said Tom Hurley, a principal with 806 Hazel Street, LLC.
241-247 Snelling Avenue South is a mixed-use commercial building with ground floor commercial space, including the landmark St. Clair Broiler Restaurant, and residential apartments on the second floor. The loan proceeds were used to purchase the building.
“This was an opportunity to buy a neighborhood landmark. Towle helped us find the right lender for the building to make the deal work for my client,” said Mike Finkelstein of The Ackerberg Group.
The loans were provided by a commercial bank. Peter Austin, a commercial loan officer with Towle, originated the loans.
