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PLYMOUTH, MN-Stonehill Apartments, a 224-unit multifamily development at 3501 Xenium Lane North, recently landed $10 million in mortgage financing from Collateral Mortgage Capital, LLC. The first mortgage financing was funded through one of Collateral’s life insurance company investors with an interest rate in the mid-5% range, based on a 10-year term amortized over 25 years.

Collateral underwrote the transaction with a loan-to-value of 65 %.

“Our borrower wanted a unique pay structure; half scheduled prepay and half yield maintenance. That’s what we provided,” says Dave Rasmussen, a Collateral vice president.

Gary Renneke, an attorney with the Bloomington, MN-based law firm of Larkin Hoffman, assisted with the transaction. Renneke is a member of the firm’s land use and real estate department.

Built in 1987, Stonehill Apartments is a class-A multifamily rental complex on 16.26 acres of land. The property is managed by Ron Clark Construction. The complex consists of a three-story building with underground parking, outdoor pool, indoor whirlpool and sauna, three party rooms, and an exercise/fitness center.

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