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 collaborated with NorthMarq’s Minneapolis regional office to arrange 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.