Northmarq Arranges $19M Refinance of Historic Apartments in St. Paul
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Minneapolis medical office and industrial continue to outperform. Multifamily supply has cooled meaningfully entering 2026 and concessions are now retracing. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The fourth Minneapolis story tracked on the wire in November 2026. All Minneapolis coverage →
- Disclosed multifamily deal value tracked in November 2026: $13.7B across 73 reported transactions. All Multifamily coverage →
- 53 stories mentioning Northmarq on the wire in the past 90 days. Northmarq coverage →
Computed from Real Estate Trail’s own tracked coverage
Northmarq’s Minneapolis Debt + Equity team, led by Michael Padilla, arranged the $19.1 million refinance of Holden House Apartments, a 143-unit low-rise apartment community located at 1554 Midway Parkway in St. Paul,…
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