Janover has closed a $1.7 million financing package for the acquisition of 19 units across two properties in St. Paul, Minn., and for the refinancing of a 12-unit community in Anoka, Minn. A local credit union provided the 10-year loan with a 25-year amortization period. The financing carries a fixed rate for the first five years then adjusts to the WSJ Prime plus 0.85% for the remainder of the term.

Tyler Pepper, capital markets associate with Janover, arranged the deal between the lender and the borrower through the Janover financing platform. The financing covered the acquisition two properties 2 miles from each other: an 11-unit property at 984 Van Buren Ave. and an 8-unit community at 332 Front Ave. The note also included the cash-out refinance of a 12-unit multifamily property at 1225 Ninth Ave. in Anoka, Minn.


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“This is the second financing package we facilitated for the sponsor over the past quarter, a Twin Cities-based owner with nine operational properties across the metro,” Pepper said. “The borrower acquired two 100% occupied properties, while the refinance allowed them to pull cash out for the down payment.”

In July, Janover worked with the sponsor to secure $833,000 in refinancing for another 11-unit property at 2723 Cedar Ave. S. in Minneapolis. The 10-year, fixed-rate loan with a 30-year amortization period was provided by another local credit union.

Twin Cities Fundamentals Point to Future Growth

Steady market fundamentals, fueled by record-low unemployment and returning office workers, drove investor optimism across Minneapolis-St. Paul in the first half of the year, according to Marcus & Millichap. The total dollar volume increased 75% compared to the same period in 2021, with one-third of all sales coming from out-of-state buyers.

Although mortgage rates have increased significantly over the past two quarters, low vacancy, supported by continued rent growth — especially in the Class C segment — gives space for future optimism, Marcus & Millichap noted.