Deal of the Day: NorthMarq Capital Arranges $26.55M Mortgage for 5 Apartment Communities

By Anuradha Kher, Online News EditorNew Orleans/Columbia, S.C./St. Cloud, Minnesota/Chicago/Grand Forks, N.D.–NorthMarq Capital recently arranged mortgage financing totaling $26.55M for five apartment communities across the U.S.The company’s Charlotte regional office completed first mortgage financing of $13 million for Wind Run Apartments, a 400-unit rental property, located in New Orleans. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Wild Run Apartments LLC. The office also arranged a first mortgage financing of $3.75 million for Raintree Apartments, a 138-unit property, located in Columbia, S.C. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Fernandina Properties. NorthMarq’s Chicago regional office arranged the third mortgage financing of $3.9 million to River West Lofts Limited Partnership, for River West Lofts, a 158-unit project, located in Chicago. Financing was based on a 6-year term with a 30-year amortization schedule and will run co-terminus with the first and second mortgages. NorthMarq provided all three mortgages through its seller/servicer relationship with Freddie Mac.The Minneapolis regional office arranged first mortgage financing of $3.5 million for Wyndemere Apartments located in St. Cloud, Minn. Financing for the 100-unit multifamily property was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Wyndemere Apartments LLC. NorthMarq’s St. Louis regional office completed first mortgage financing of $2.4 million for the Times Square Townhomes, a 36-unit rental community, located in Grand Forks, N.D. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Hampton Corp.NorthMarq provided both the Minneapolis and St. Louis mortgages through its affiliate, AmeriSphere Multifamily Finance.