Northmarq has arranged a $50 million refinancing for Ardor on the Bluffs, a mid-rise multifamily community in Bloomington, Minnesota. The 235-unit luxury property is located at 3701 American Blvd, placing residents a short distance from Minneapolis-St. Paul International Airport and the Mall of America.
The financing was structured by Northmarq’s Minneapolis Debt + Equity team, which was led by Dan Trebil. According to Northmarq, the firm arranged the loan on behalf of the borrower through an existing relationship with a life insurance company lender. While specific terms were not disclosed, the new loan is intended to provide ownership with increased financial flexibility as the property advances through its lease-up phase.
Ardor on the Bluffs was completed in December 2024 and rises six stories. The community offers a mix of studio, one-bedroom and two-bedroom apartment homes, positioning it to serve a range of renter household types seeking newly built product in the local market. As a luxury multifamily asset, the property is designed to compete at the upper end of Bloomington’s rental housing segment.
The community is situated within Bloomington’s South Loop district, an area that offers convenient access to major employment centers and regional transportation corridors. This location connects residents to a variety of job nodes across the metro, as well as to key transit and roadway infrastructure serving the Twin Cities region.
In addition to proximity to employment, Ardor on the Bluffs is surrounded by a concentration of shopping, dining and entertainment options. Nearby retail and entertainment destinations, including the Mall of America, help support the property’s appeal to renters seeking both convenience and lifestyle amenities close to home.
Commenting on the transaction, Trebil noted that the ownership and management team has executed well at the property to date. He added that the new financing package is expected to give the ownership group greater flexibility as they continue the lease-up process at Ardor on the Bluffs. No additional details regarding loan structure, maturity or pricing were provided.
