Multifamily - Debt

NorthMarq Capital arranges $38 million acquisition financing for Stoneleigh at the Reserve in Plymouth, Minnesota

DENVER (October 21, 2013) – 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 Stoneleigh at the Reserve, a 361-unit multifamily property located at 5200 Annapolis Lane North, Plymouth, Minnesota. 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 Seattle based, privately-held owner of multiple multi-family properties. The loan structure was a ten year, Fannie Mae Structured Adjustable Rate Mortgage arranged through NorthMarq’s affiliate AmeriSphere. Constructed in 2003, the asset contains four, 3-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. All units have full-size washers and dryers, 9’ ceilings, eat-in-kitchens, an oversized soaking tub, track lighting in kitchen and dining areas, walk-in-closets with motion sensor lighting and crown molding in living dining rooms. Select units also contain a pantry and linen closet, built-in desk and/or dining table, gas fireplace with travertine stone mantle and a solarium.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.