Northmarq Arranges $40M Loan for Refinancing of Minnesota Apartment Community
CHAMPLIN, MINN. — Northmarq has arranged a $40 million loan for the refinancing of The Bowline at Mississippi Crossings in Champlin, a northern suburb of Minneapolis. The 212-unit luxury apartment community is located at 220 E. River Parkway. The property features views of the Mississippi River along with a pool, theater, coworking lounge, coffee bar and fitness studio. The Bowline is part of the larger master-planned development known as Mississippi Crossings. Monthly rents at The Bowline, which opened this year, average $1,905, according to Apartments.com. Patrick Minea of Northmarq arranged the fixed-rate, seven-year loan. A life insurance company provided the loan for the borrower, Minneapolis-based Greco.