At a glance
- The $50 million loan works out to about $213,000 per unit for the Bloomington apartment building.
- The six-story building at 3701 American Blvd. was completed in December 2024 and is still finishing lease-up, according to Connect CRE.
- Northmarq's Minneapolis Debt + Equity team, led by Dan Trebil, arranged the financing through a relationship with a life insurance company.
Northmarq arranged a $50 million refinancing for Ardor on the Bluffs, a 235-unit multifamily property in Bloomington, Minnesota, Connect CRE reported on Oct. 12.
The $50 million loan works out to about $213,000 per unit for the Bloomington apartment building. The six-story building at 3701 American Blvd. was completed in December 2024 and is still finishing lease-up, according to Connect CRE.
Northmarq's Minneapolis Debt + Equity team, led by Dan Trebil, arranged the financing through a relationship with a life insurance company. Trebil said the new financing gives ownership flexibility while the property completes lease-up.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections