MINNEAPOLIS—Michael Padilla, vice president of NorthMarq’s Minneapolis regional office, arranged a $29 million construction loan for Track 29, a to-be constructed, 198-unit market-rate apartment complex located on Bryant Avenue South in Minneapolis.
Financing was based on a three-year, interest-only term and was arranged for the borrower by NorthMarq through its relationship with a regional bank.
Slated for occupancy in spring 2013, Track 29 will offer alcoves, one- and two-bedroom units and views of Minneapolis.
Amenities planned for the complex include a salt-water pool, Zen garden, a dog park, rooftop lounge area, fitness center and a children’s play area, among others.
Being developed by Ross Fefercorn, the property will begin pre-leasing this fall.