Dealmaker: Northmarq Announces Deals in Minneapolis, Memphis

(Oaks Minnehaha Longfellow courtesy of Northmarq)

Northmarq, Minneapolis, closed deals to refinance properties in Minneapolis and Memphis, Tenn.

The firm secured permanent-fixed loans for the borrowers through its status as a Freddie Mac Optigo lender.

In a $21.7 million deal, Mike Padilla, senior vice president of Northmarq’s Minneapolis debt/equity team, arranged refinancing for Oaks Minnehaha Longfellow, a 179-unit multifamily property in Minneapolis.

The five-year loan included three years of interest-only payments followed by a 35-year amortization schedule.

Northmarq also announced a $10.7 million refinancing for two multifamily properties in Memphis. Padilla and Dan Trebil of Northmarq’s Minneapolis debt/equity team arranged the transaction.

The two Memphis multifamily properties, Bantam-Airways and Bantam-Springbrook are located near each other and total 291 units. The loans were structured with five years of interest-only payments followed by a 35-year amortization schedule.