Northmarq provides $13.5 million in Fannie Mae refinancing for the 165-unit Sherwood Glen and Keller Flats multifamily properties in Maplewood, Minnesota.
Northmarq has originated a $13.5 million Fannie Mae DUS loan to refinance Sherwood Glen and Keller Flats, a pair of garden-style multifamily properties located in Maplewood. The five-year loan was secured on behalf of the owner, Kentaurus Capital, which acquired the assets in 2021.
Combined, the properties feature 165 units, all of which serve as naturally occurring affordable housing for residents earning 60 percent or less of the area median income. The buildings were originally constructed in 1964 and 1966. Since acquisition, Kentaurus Capital has executed a capital improvement program that included roof replacements, exterior upgrades, parking lot renovations and common area enhancements.
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