MINNEAPOLIS, MINN.—Towle Financial Services has closed on a $2.4 million Fannie Mae DUS permanent loan for Birchwood Apartments in North Branch, Minn. Peter C. Austin, a Senior Loan Originator with Towle, originated the loan.

Birchwood, a 54-unit, two-building apartment complex located in North Branch, is owned by Birchwood Partnership L.L.P., which used the proceeds to pay off the underlying first mortgage loan.

Established in 1909, Towle Financial is the oldest commercial mortgage banking company in Minneapolis and provides mortgage financing solutions for developers, owners and investors of commercial real estate. Over the past 16 years, Towle has originated loans totaling over $5.8 billion of commercial mortgages.