Northmarq Secures $50M Refinancing of Multifamily Asset in MN

Northmarq has arranged $50 million in financing for Ardor on the Bluffs, a 235-unit mid-rise multifamily community in Bloomington, Minnesota.

Located at 3701 American Blvd, the complex is located just minutes from MSP International Airport and the Mall of America. 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. “Ownership and management have done a tremendous job at Ardor, and this new financing will allow ownership flexibility as they complete their lease-up,” said Trebil.

Completed in December 2024, Ardor on the Bluffs is a six-story luxury multifamily community offering studio, one- and two-bedroom apartment homes. Situated in Bloomington’s South Loop district, Ardor on the Bluffs provides convenient access to a wide range of employment centers and transportation corridors. The surrounding area also offers a selection of shopping, dining and entertainment destinations

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