Northwestern Refis Midwest Multifamily With $56M Loan

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Schafer Richardson and Investors Real Estate Trust (IRET) received a $56 million mortgage from Northwestern Mutual Life Insurance Company (NML) to refinance a 241-unit apartment complex in suburban Minneapolis, Commercial Observer can first report.

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“We were pleased to have the lender and broker work diligently together with our partners to meet our closing objectives and timing,” a spokesman for IRET told CO.

CBRE’s Joel Torborg brokered the 10-year, fixed-rate debt from the life insurance company.

“In a challenging lending environment for pre-stabilized assets, the NML permanent loan provided a competitive financing solution at an attractive 10-year fixed interest rate that matched the borrower’s plan to hold the property long term,” he said through a spokeswoman.

The property, named 71 France, is located at 7161 France Avenue South in the Edina suburb of Minneapolis. It was completed in the second quarter of 2016. The development is 95 percent leased and units range from 577-square-foot studios to 1,412-square-foot three-bedrooms, according to the company website. There is also 21,000 square feet of commercial space, and amenities include an outdoor pool, a terrace with a barbecue area, two fitness centers, two community rooms and a yoga studio.

Representatives for NML and Schafer Richardson did not respond to requests for comment.