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NorthMarq Arranges $19M Construction Loan for Multifamily Adaptive Reuse Project in St. Paul

The former seniors housing facility, located near the Minnesota State Fairgrounds, will be transformed into 148 market-rate apartment units.

ST. PAUL, MINN. — NorthMarq has arranged a $19 million construction loan for an adaptive reuse project at 1554 Midway Parkway in St. Paul. The former seniors housing facility will be transformed into 148 market-rate apartment units. Completion is slated for next year. Michael Padilla of NorthMarq’s Minneapolis office arranged the five-year loan, which features two years of interest-only payments followed by a 25-year amortization schedule. A local bank provided the loan on behalf of the borrower, Premier Holdings LLC.

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