Minneapolis-based Towle Financial Services in early June closed a $4.2 million permanent loan for Chardon Court Apartments in New Hope, Minn.
Chardon Court is a 129-unit apartment complex. The proceeds were used to pay off the underlying bond-financed first mortgage loan and to provide additional loan proceeds to make cosmetic improvements to the property.
The 10-year non-recourse loan, at a fixed rate of 5.6 percent, was provided by one of Towle’s correspondent life insurance company lenders. Peter Austin, a recent addition to Towle, originated the loan.
