The Minneapolis Debt & Equity team at Northmarq, led by senior vice president and senior director Andy Finn and executive vice president and regional managing director Dan Trebil, has successfully obtained a $35.5 million construction loan and $20.65 million in equity for a 155-unit build-to-rent (BTR) property in Maple Grove, Minnesota.
Northmarq arranged the financing with a regional bank for the borrower Norsq Companies and Enclave Companies, while securing equity from an institutional pension fund. According to Finn, this partnership was chosen due to their shared vision for the project.
Located at 17425 101st Avenue N., Maple Grove Townhomes is part of a larger development plan that includes a 200-unit apartment building and a commercial building spanning over 9,000 square feet. The new market-rate townhomes will offer two- or three-bedroom units along with amenities such as fitness center outdoor pool pet spa business center pickleball court playground.
For more information on Connect Industrial Midwest taking place on March 5th at Joe’s Live in Rosemont Illinois click here to register.
This article was originally published on Connect CRE website.
“}]]
