Collateral underwrote the transaction with a loan-to-value of 65 %.
"Our borrower wanted a unique pay structure; half scheduled prepay and half yield maintenance. That's what we provided," says Dave Rasmussen, a Collateral vice president.
Gary Renneke, an attorney with the Bloomington, MN-based law firm of Larkin Hoffman, assisted with the transaction. Renneke is a member of the firm's land use and real estate department.
Built in 1987, Stonehill Apartments is a class-A multifamily rental complex on 16.26 acres of land. The property is managed by Ron Clark Construction. The complex consists of a three-story building with underground parking, outdoor pool, indoor whirlpool and sauna, three party rooms, and an exercise/fitness center.
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