Everett, Wash.–Mitch Thurston, senior vice president and managing director, and Andy Ahlers, vice president, of NorthMarq Capital’s San Francisco Regional office, arranged first mortgage financing of $11.69 million for Brisa Apartments, a 198-unit multifamily complex located at 12402 Admiralty Way in Everett, Washington. Financing was based on a seven-year term with two years interest-only followed by a 30-year amortization schedule.
The loan was arranged for the borrower, Affiliates of Security Properties and TRECAP Partners, by NorthMarq through its Seller-Servicer relationship with Freddie Mac.
Thurston says that this transaction is typical of what NorthMarq can offer as a Freddie Mac Seller-Servicer: aggressive loan terms and a very fast underwriting and approval process. “This is an attractive property in a good location – an excellent fit for Freddie Mac’s CME program.”
Orbach Group adds to its PA portfolio with $15.5M acquisition
Bensalem, Pa.–The Orbach Group acquired Hamilton Court East apartments a 192-unit renal property in Bensalem, Pa., for $15.5 million.
Hamilton Court East consists of 15 two-story buildings, with one- and two-bedrooms units and rents ranging from $795 to $1,145. Eighty-five percent of the units underwent gut renovations recently. With the exception of the studs inside the walls, the apartments are virtually brand new. The remaining 25 units, which currently are vacant, will undergo the same type of extensive renovations in the weeks ahead. The 167 units that have already undergone the gut renovation are completely leased.
“Hamilton Court East is a perfect fit with The Orbach Group’s Pennsylvania’s portfolio,” says Meyer Orbach, the firm’s president. “Like our other properties, Hamilton Court East is ideally located and provides a great combination of shared and unit specific amenities that provide a highly desirable and luxurious residence at rental prices that are among the most competitive in Southeastern Pennsylvania.”
The units feature plush wall-to-wall carpeting, designer lighting, and new windows and doors. Kitchens now boast new stainless steel appliances, granite countertops and Italian maple cabinets. Bathrooms are outfitted with granite countertop sinks and Italian Mirage glass accent tiles. There were also improvement made in the buildings’ common areas including new roofs, laundry room, central air conditioning and newly paved parking lots and access roads.