Plymouth, Minn.—Greg Benjamin, senior vice president of NorthMarq’s Denver regional office and James Hoopes, senior director of NorthMarq’s Minneapolis regional office, have arranged acquisition financing of $38 million for Stoneleigh at the Reserve. The 361-unit asset is located at 5200 Annapolis Lane North in Plymouth, Minn. Financing was based on a 10-year term and 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a privately held multifamily owner. The loan structure was a 10-year, Fannie Mae Structured ARM arranged through NorthMarq’s affiliate AmeriSphere.
Stoneleigh at the reserve was constructed in 2003 and contains four three-story buildings. Amenities include an outdoor pool, community room with kitchen, gas fireplace and TV, indoor half court basketball and racquetball courts, underground parking, an Internet lounge and fitness centers in each building.
Beech Street closes $32.7M in Freddie Mac loans for an Orange County portfolio
Fullerton, Calif.—Beech Street Capital has closed $32.7 million in Freddie Mac CME loans to refinance two apartment complexes in Orange County, Calif. Kristen Croxton and Greg Reed, executive vice presidents in Beech Street’s office in Newport Beach, California, originated the transaction. This is Beech Street’s fourth transaction with the borrower, SC Development.
“The Beech Street team took both transactions from application to credit approval in 21 days,” states Paul Conzelman of SC Development. “Beech Street consistently demonstrates seamless execution while providing first-in-class customer service.”
La Villita and La Costa Apartments, operated as one community, and The Streams Apartments are located in Fullerton, Calif., a strong submarket of Orange County. Both properties were built in 1974 with recent capital improvements. The portfolio totals 493 units and currently operates at or above 95 percent occupancy.