NORTHMARQ ARRANGES MULTIFAMILY LOANS TOTALING MORE THAN $9.2 MILLION

MINNEAPOLIS/ST. PAUL, ISANTI AND HOPKINS, MINN. — The Minneapolis regional office of NorthMarq Capital has arranged more than $9.2 million in loans for multifamily properties in Minnesota. The company has arranged $5.47 million in financing for two apartment communities in Minneapolis and St. Paul. In Minneapolis, the 77-unit Labor Retreat Apartments was financed at $3.29 million; in St. Paul, the 67-unit Labor Plaza Apartments was financed at approximately $2.18 million. Financing was based on a 10-year term, with a 30-year amortization schedule. Additionally, NorthMarq has arranged approximately $2.17 million in first mortgage financing for Evergreen Apartments located in Isanti. The loan for the 36-unit property was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. In Hopkins, the company has arranged an approximately $1.58 million loan for Creek Point Apartments. Financing for the 101-unit community was based on a 10-year term, with a 30-year amortization schedule, and was arranged from the borrower through NorthMarq’s relationship with a national bank.