The Minneapolis Debt & Equity team at Northmarq, consisting of senior vice president and senior director Andy Finn and executive vice president and regional managing director Dan Trebil, has successfully secured 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. According to Finn, both companies had a clear vision for their project as well as specific requirements for their capital partner.
Located at 17425 101st Avenue N., Maple Grove Townhomes is part of an extensive 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 consist of two- to three-bedroom units 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.
The article “Northmarq Secures $56M Financing Package for BTR Property” discusses the successful efforts of Northmarq’s Minneapolis Debt & Equity team led by Andy Finn (senior vice president/senior director)and Dan Trebil (executive vice president/regional managing director). They have secured funding from an institutional pension fund along with arranging construction loans worth $35.5 million dollars from one or more banks.This was done through collaboration between Norsq Companies/Enclave Companies who shared similar goals while planning this project which included constructing two- or three-bedroom units within Maple Grove Townhomes located at17425 -101st Avenue N.The community will feature various amenities like fitness centers,outdoor pools,pets spas,business centers,pickleball courts,and playgrounds.Click here if you are interested in attending Connect Industrial Midwest 2024 on March 5th at Joe’s Live in Rosemont Illinois.
