Northmarq Provides $12.5M Acquisition Loan For Multifamily In Rochester, Minnesota

The multifamily property located at 1515 41st St. NW in Rochester, Minnesota has recently undergone a transaction. The property consists of 147 units and was involved in a loan deal.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,500,000
• Address: 1515 41st St. NW
• Market: Rochester, Minnesota
• Lender: Northmarq - Mike Padilla
• Loan Type: Acquisition Loan
• Loan Terms: 10-year loan, featuring four years of interest-only payments and a 30-year amortization schedule

In this deal, Northmarq served as the lender, with Mike Padilla representing their agency. The loan, totaling $12,500,000, was structured as an acquisition loan. The terms of the loan include a 10-year term, with the first four years consisting of interest-only payments. The loan has a 30-year amortization schedule, allowing for steady repayment over time.