NorthMarq Capital Arranges Mortgage for Four Properties Totaling $87.77M
- Feb 08, 2008
By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital, Inc., a national real estate investment banking company headquartered in Minneapolis, has arranged mortgage financing for four properties across the U.S. through its regional offices.The company’s Long Island regional office arranged first mortgage financing of $58.8 million for Cunningham Heights Apartments located in Queens Village, N.Y. Financing for the 1,056-unit multifamily property was based on a 10-year term plus a one-year extension with a 30-year amortization schedule. Charles Cotsalas, vice president of Northmarq Long Island, says, “This loan was quoted and rate locked using Freddie Mac’s Early Rate Lock funding which worked like clockwork in an extremely volatile and problematic credit market.”NorthMarq Capital Inc.’s Kansas City regional office, arranged first mortgage financing of $11.57 million for Province @ Briarcliff, a 120-unit multifamily property located in Kansas City, Mo. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Briarcliff Apartment Homes LLC, by NorthMarq through its Seller/Servicer relationship with Freddie Mac.The company’s Greater Westchester N.Y./Conn. Regional office arranged first mortgage/purchase acquisition financing of $9.1 million for Cornwall Park Townhouses located in Cornwall, N.Y. Financing for the 75-unit multifamily property was based on a 10-year term with five-years interest only and then a 30-year amortization schedule and was arranged for the borrower, Cornwall Park Townhouses LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.NorthMarq Capital, Inc.’s Upstate N.Y. regional office, arranged an 80 percent loan-to-value first mortgage financing of $8.3 million for Chamberlayne Garden Apartments, a 216-unit multifamily property, located in Richmond, Va. Financing was based on a 10-year term with one year of interest only, followed by a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with AmeriSphere Multifamily Finance.