Updated Mar 11, 2025
Northmarq Secures $21.7M Freddie Mac Loan For Minneapolis Multifamily Property
5329 48th Avenue South Minneapolis, Minnesota 55417, USA
$21,730,000
Units
179
Asset Type
MultiFamily
Closing
Jul 18, 2023
About this deal
AI
The Oaks Minnehaha Longfellow apartment property in Minneapolis has secured $21.73 million in Freddie Mac mortgage financing. The property, built in 2020, offers 179 units and boasts amenities such as a fitness center, dog park, and outdoor lounge areas.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $21,730,000
- Address: 5329 48th Avenue South
- Market: Minneapolis
- Units: 179
Northmarq, the broker involved in the deal, successfully facilitated the $21.73 million mortgage financing from Freddie Mac for the Oaks Minnehaha Longfellow apartment property. The loan, a refinance, comes with a five-year term and requires interest-only payments for three years. After the initial three years, the loan will amortize on a 35-year schedule.
Players
Minneapolis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.73%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93