The $18.3 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate. In addition to refinancing, loan proceeds also enable the borrower to continue with ongoing site maintenance and monetize a portion of their equity.
Built in 2016, Aspen Lofts Apartments consists of two, detached mid-rise elevator buildings offering studio, one-, two- and three-bedroom apartments that feature modern appliances and finishes, in-unit washer/dryers and private outdoor living spaces. Residents of the pet-friendly community have access to a clubhouse, fitness center, game and media room, barbeque and picnic areas, dog park and onsite parking. Located close to the area’s major employers, shopping, dining and educational centers, including the University of North Dakota, the property is near Interstate 29 and U.S. Highway 2, which provide convenient access to the Canadian border, Fargo and Grand Forks Air Force Base.