MINNEAPOLIS—The Stoneleigh at the Reserve, a 361-unit multifamily property located at 5200 Annapolis Lane North in suburban Plymouth was just acquired by Seattle-based Weidner Apartment Homes from “an entity related to Chicago-based Capri Capital Partners,” according to Finance & Commerce, a Minnesota-based publication.
And NorthMarq says that Greg Benjamin, senior vice president of NorthMarq's Denver regional office and James Hoopes, senior director of NorthMarq's Minneapolis regional office, arranged acquisition financing of $38 million for the property.
Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, a division of Weidner Investment Services, Inc. a privately-held owner of many multifamily properties. The loan structure was a ten-year, Fannie Mae Structured Adjustable Rate Mortgage arranged through NorthMarq's affiliate AmeriSphere.
Constructed in 2003, Stoneleigh has four, three-story buildings with numerous amenities including; an outdoor pool, community room with kitchen, gas fireplace and T.V., indoor half basketball and racquetball courts, heated underground parking with car care control as well as cyber lounges and fitness centers in each building.
NorthMarq has an average of $9.5 billion in annual production volume and services a loan portfolio of over $41 billion.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
