Northmarq’s Minneapolis Debt + Equity team has arranged a $22.727 million refinancing for One West Drive, a boutique multifamily community in Excelsior, Minnesota. The assignment was led by Andy Finn and executed through Northmarq’s in-house Fannie Mae DUS platform on behalf of the borrower group.
The refinancing provides permanent fixed-rate financing for the 49-unit property, which is situated at One West Drive between Excelsior’s historic downtown and an adjacent single-family residential neighborhood. The location positions residents within reach of local amenities in the downtown area while maintaining proximity to established residential streets.
One West Drive, completed in late 2024, is composed of seven connected two-story buildings. The community offers a mix of one-, two- and three-bedroom apartments, as well as two-bedroom rowhomes that include private rooftop spaces and garages. The unit configuration is designed to appeal to a range of renters seeking boutique-scale multifamily living with higher-end features.
Shared amenities at the property include a spa pool with lounge seating and an indoor/outdoor fitness and yoga studio. Residents also have access to a private dining room and a co-working lounge, supporting both social gatherings and work-from-home needs within the building.
Additional outdoor features include grilling and dining areas with a firepit, along with a resident garden area that extends the community’s usable open space. The property also incorporates a two-story lobby and a dog run and spa, targeting resident experience and pet-focused demand within the multifamily segment.
The borrower group for the refinancing includes Monarch Development Partners, Red Leaf Partners and Brue Baukol Capital Partners. Northmarq’s role encompassed structuring and arranging the Fannie Mae DUS execution, delivering long-term, fixed-rate agency financing for the ownership.
Separately, the regional multifamily community is set to convene at the Connect Midwest Multifamily Trends Conference on Tuesday afternoon, June 2, 2026. The event will feature JDL Founder Jim Leitchinger, who will receive the Changing Skyline Award followed by a keynote interview, highlighting perspectives from an influential figure in Midwest multifamily development.
