Minneapolis-based NorthMarq Capital has arranged $191.4 million in permanent financing for an unnamed institutional apartment owner and operator.

NorthMarq also recapitalized a portfolio of Class-A suburban apartment properties totaling 2,163 units in Seattle; Denver; Portland, Ore.; Richmond, Va.; and Albuquerque, N.M. PPM Finance provided debt financing for the borrower.

The highly structured transaction gives the venture fixed- and floating-rate tranches, substitution of collateral provisions, prepayment flexibility, earnouts, conversion from floating-to-fixed rate financing and release provisions.