DEAL OF THE DAY: NorthMarq Capital Provides Total of $20.65M Mortgage to Three Properties
- Mar 20, 2008
Boston, Plymouth, Minn., Houston–NorthMarq Capital’s Boston regional office recently arranged construction financing of $5.8 million for The Bluffs Apartments in Lewiston, Maine. The company arranged this loan for the borrower, Randall Road Associates LLC, through its relationship with Commerce Bank & Trust Co.When completed, The Bluffs Apartments will consist of 11 buildings, with a total of 65 two-bedroom townhouse-style apartments and an average area of 1,120 sq. ft.The Minneapolis regional office of NorthMarq recently arranged first mortgage financing of $6.6 million for Fernbrook Townhomes, located in Plymouth, Minn. Financing for the 72-unit multifamily property was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, At Home Apartments, by NorthMarq through its Seller/Servicer relationship with Freddie Mac.NorthMarq also arranged first mortgage financing of $8.25 million through its Houston regional office, for Water Mill Apartments. The 192-unit property is located in Houston.Financing was based on a three-year term with a 25-year amortization schedule and was arranged by NorthMarq through its relationship with Texas State Bank, for the borrower, 2525 South Voss Ltd.