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.