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Upper Landing Builders Land $51M Loan

ST. PAUL-NorthMarq Capital arranges permanent financing for the 344 market-rate multifamily rental units that are a central part of a larger $170-million development.

By Jim McCartney | Updated on September 20, 2004

ST. PAUL-North American Partners, along with Prudential Real Estate Investors and Ryan Cos., has landed $51.3 million in permanent financing for a 346,430-sf multifamily complex containing 344 units on the Mississippi River on the western outskirts of Downtown. The 3.8-acre site is part of a $170-million, 21-acre Upper Landing residential development that will provide 600 new condominiums, townhomes and apartments along the river.

The developers will start work this fall on the 344 market-rate rental units that sit on blocks 5 and 6. NorthMarq Capital arranged a joint venture between Prudential Real Estate Investors, North American Partners and the Ryan Cos. of Minneapolis. Doug Dolliff and Bill Jackson–of NorthMarq Capital’s Minneapolis and Dallas offices respectively–also arranged the construction loan with Guaranty Bank.

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