DEAL OF THE DAY: NorthMarq Arranges Two Million-Dollar Mortgages
- Mar 07, 2008
Aurora, Colo.; Omaha, Neb.–NorthMarq Capital Inc. recently arranged first mortgage financing of $28 million for Liberty Creek Apartments, located in Aurora, Colo. Financing was obtained on behalf of the borrower, Woodridge Investors LLP.NorthMarq worked with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, in completing the financing. This deal was with one of NorthMarq’s undisclosed repeat borrowers. A tax-exempt bond credit enhancement enabled the lower floater bond issue.In a separate deal, the company also arranged first mortgage financing of $3.65 million for Greenfield Apartments (pictured), located in Omaha, Neb.NorthMarq organized financing for the 96-unit multifamily property through its Seller/Servicer relationship with Freddie Mac for the borrower, IRET Properties.