MINNEAPOLIS—The Stoneleigh at the Reserve, a 361-unit multifamily property located at 5200 Annapolis Lane North in suburban Plymouth was just acquired by Seattle-based Weidner Apartment Homes from “an entity related to Chicago-based Capri Capital Partners,” according to Finance & Commerce, a Minnesota-based publication.
And NorthMarq says that 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 the property.
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 privately-held owner of many multifamily properties. The loan structure was a ten-year, Fannie Mae Structured Adjustable Rate Mortgage arranged through NorthMarq's affiliate AmeriSphere.
Constructed in 2003, Stoneleigh has four, three-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.
NorthMarq has an average of $9.5 billion in annual production volume and services a loan portfolio of over $41 billion.
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