Northmarq has arranged $50 million in refinancing for Ardor on the Bluffs, a 235-unit apartment community in Bloomington, Minnesota. Completed in December 2024, the six-story property is in the South Loop near Minneapolis–St. Paul International Airport and the Mall of America. The financing is intended to give ownership flexibility as the community continues leasing up.
Key takeaways
- Northmarq arranged $50 million in financing for Ardor on the Bluffs.
- The 235-unit community is located at 3701 American Blvd. in Bloomington.
- A life insurance company provided the financing through Northmarq’s relationship with the lender.
- Ownership plans to use the financing flexibility while completing the property’s lease-up.
The transaction adds financing for a recently completed multifamily property in Bloomington, a location with access to major transportation routes, employment centers and regional destinations.
Financing supports lease-up
Northmarq’s Minneapolis Debt + Equity team arranged the financing for the borrower. The team was led by Dan Trebil, who said the property’s ownership and management had made strong progress and that the new financing would provide flexibility as leasing continues.
The source report did not disclose additional loan terms, such as the interest rate, maturity or whether the refinancing replaced existing debt.
A new community in Bloomington’s South Loop
Ardor on the Bluffs is a six-story luxury multifamily building completed in December 2024. Its 235 homes include studio, one-bedroom and two-bedroom layouts.
The property is situated in Bloomington’s South Loop district, a location offering access to employment centers and transportation corridors. Shopping, dining and entertainment options are also available in the surrounding area, with the airport and Mall of America nearby.