NORTHMARQ ARRANGES $38M LOAN FOR 361-UNIT APT. COMMUNITY

PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.