Northmarq arranges $40 million refinance for The Bowline at Mississippi Crossings
Patrick Minea, Executive Vice President/Executive Managing Director of Northmarq’s Minneapolis office, arranged the $40 million refinance of The Bowline at Mississippi Crossings, a new 212-unit, upscale multifamily property at 220 E. River Parkway in Champlin, Minnesota.
Northmarq arranged the financing for the borrower, Minneapolis-based Greco, through its correspondent relationship with a life insurance company.
Northmarq has placed a permanent loan on the property by arranging the $40 million, permanent fixed-rate, seven-year, interest-only financing.
“From Northmarq’s perspective, we are appreciative of the trust that Greco placed in us to handle this assignment, and we are happy we were able to accomplish the financing on the favorable terms that worked well for the borrower and the lender,” said Minea.
The Bowline, which leased up very quickly, is the first market-rate apartments developed in Champlin in two decades. “The project was met with a lot of demand and delivered at a point in the marketplace where there was a high level of need for the Champlin community,” noted Greco President/Owner Josh Brandsted.The Bowline is a major component of the Mississippi Crossings development, which is part of the Mississippi Crossings Tax Increment Financing District. In a public-private partnership with the City of Champlin, Greco was named the master developer of a 12-acre site in Mississippi Crossings, which also includes a public waterfront pavilion, a city park, an event center, and an amphitheater – all developed by the City. Greco is also working with a restaurant group to open a new restaurant on the site. Additionally, Greco built the public infrastructure for Mississippi Crossings including the public parking facility and utilities.
“Together with the vision of the City leaders, we wanted to create a place that gives the entire community the opportunity to engage with and take advantage of the riverfront,” Brandsted said.
