Northmarq’s Minneapolis Debt + Equity team, led by managing director Andy Finn and executive vice president and regional managing director Dan Trebil, has successfully arranged a $39.99 million refinancing for Terra Residences. The multifamily property, consisting of 250 units and built in 2023, is located in Maple Grove, Minnesota.
The transaction was structured with a strong financial foundation on a 10-year term with seven years of interest-only payments followed by a 35-year amortization schedule. “Our focus in refinancing Terra Residences was to create an optimal financial structure that includes both interest-only payments and strategic amortization,” stated Finn.
Through its Freddie Mac team within the company, Northmarq secured the permanent fixed-rate loan for borrower Roers Companies. Trebil added that this financial strategy not only strengthens Terra Residences but also showcases Roers’ commitment to providing positive solutions for investors even in challenging environments.
Terra Residences boasts convenient access to shopping centers as well as various dining options and recreational activities within minutes from the property. It offers one-, two-, and three-bedroom apartment homes.
