Multifamily - Debt

Northmarq arranges acquisition financing of $17,694,000 million for Sapphire Apartments in Ramsey, Minnesota

MINNEAPOLIS, MINNESOTA (March 30, 2022) – Northmarq’s Minneapolis office has secured $17.69 million in acquisition financing for Sapphire Apartments, a 118-unit, garden-style apartment community in Ramsey, Minnesota. The transaction was structured with a 10-year term on a 30-year amortization schedule after 5 years interest only, and was arranged through Northmarq’s relationship with Freddie Mac.

Constructed in 2020, the property features one-, two- and three-bedroom units. Community amenities include: community room, indoor pool, fitness room, outdoor gas grills, fire pit, dog park and playground. Apartment amenities include: in-unit washer and dryer, granite countertops, full-size stainless-steel appliances, spacious closets and most have balconies/patios.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.