DEAL OF THE DAY: Quantum First Capital Closes $1.583M Loan to Eight-Building Rental Community
- Jul 02, 2008
By Anuradha Kher, Online News EditorNorman, Okla.–Quantum First Capital has closed a $1,583,000 loan to finance the Chateau of Normandy Apartments in Norman, Okla. The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial through the Fannie Mae DUS program.The loan was structured with a 10-year term with two years interest-only payments at a sub 6.50 percent interest rate. Jason Rice of Dallas¬-based Quantum First Capital originated the financing on this transaction on behalf of Chateau Normandy LLC.The eight-building, 65-unit garden-style apartment community is located south of Main Street at 515 24th Ave., N.W. in Norman.Spread across 340 acres and built in 1971, Chateau of Normandy offers one- and two-bedroom floor plans averaging 790 sq. ft. Exterior amenities include a swimming pool, picnic area with barbeque grill, courtyard, and on-site laundry facility. The complex provides easy access to Interstate 35 and is in close proximity to the Sooner Mall, Westwood Park Golf Course, Max Westheimer Airport and several other retail outlets, service centers, and educational and transportation entities.The project is currently 98 percent occupied.