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 an industry-leading 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 an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.