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ST. CLOUD, MINN. — Towle Financial Services has arranged a $6.2 million permanent loan for Cedar Square Apartments in St. Cloud. Cedar East Limited Partnership owns the 240-unit, eight-building apartment complex. Proceeds from the loan were used to pay off the underlying CMBS first mortgage loan. “We had a number of financing options to pay off our maturing 10-year-old CMBS loan, and we chose the option that significantly reduced our interest cost,” says Jim Kelly, a principal with Cedar East Limited Partnership. Peter Austin of Towle originated the loan.