NorthMarq Arranges Financing for Waterfront ‘Landmark’
- Oct 27, 2015
Orlando, Fla.—Landmark at Siena Springs, a 252-unit multifamily property located at 6101 Westgate Drive in Orlando, has received $16.05 million in acquisition financing.
Senior Vice President & Managing Director Ory Schwartz of NorthMarq Capital’s Los Angeles regional office arranged the loan. The transaction was structured with a 10-year term with two years interest only, followed by a 30-year amortization schedule. The financing has been arranged through NorthMarq’s relationship with a conduit CMBS lender. The deal was arranged in 30 days, according to NorthMarq Capital.
Built in 1988, the lakefront property offers four floor plans: two one-bedroom layouts of 700 and 740 square feet, as well as two two-bedroom configurations with one and two bathrooms, measuring 900 and 1,003 square feet, respectively. Units are cable ready, equipped with air conditioning, heating, high speed internet access, washer/dryer connections, dishwashers, walk-in closets and window coverings. Property amenities include a dog park, Wi-Fi Café, outdoor grill and picnic area, business center, recreation center, clubhouse and seven pools.
According to Yardi Matrix, the property was last sold by Equity Residential to Landmark Residential in July 2012. Back then, Landmark paid $15.9 million ($63,095 per unit or $75 per square foot), using a $12.6 million loan.
Photo credit: NorthMarq Capital