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Northmarq arranges $50M financing for 235-unit Minnesota multifamily
The $50 million loan was arranged through a relationship with a life insurance company and completes refinancing for Ardor on the Bluffs, a six-story property finished in December 2024.
ConnectCRE reports that Northmarq arranged $50 million in financing for Ardor on the Bluffs, a 235-unit mid-rise multifamily community in Bloomington, Minnesota.
The property is located at 3701 American Blvd, a few minutes from MSP International Airport and the Mall of America, according to ConnectCRE.
Northmarq’s Minneapolis Debt + Equity team, led by Dan Trebil, arranged the financing on behalf of the borrower through a relationship with a life insurance company.
ConnectCRE says the new financing is intended to give ownership flexibility as the property completes its lease-up, after the community was completed in December 2024.