Northmarq’s Minneapolis Debt & Equity team of Andy Finn, senior vice president and senior director, and Dan Trebil, executive vice president and regional managing director, has 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 construction loan for the borrower, Norsq Companies and Enclave Companies, with a regional bank and the equity from an institutional pension fund. “Norsq and Enclave had a vision for the type of project they wanted to create along with a specific type of capital partner,” said Finn.
Located at 17425 101st Avenue N., Maple Grove Townhomes is part of a larger development plan for a 200-unit apartment building and a 9,000-square-foot commercial building. The new market-rate townhomes are planned to include two- and three-bedroom units. The community will feature a fitness center, outdoor pool pet spa, business center, pickleball court and playground.
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