TODAY’S DEALS: Alliant Capital Closes Over $14.4 Million Apartment Portfolio, and Other Transactions
- Nov 17, 2008
By Anuradha Kher, Online News EditorOlympia, Wash.–Alliant Capital LLC has recently completed funding of three multifamily properties for one borrower, totaling $14,449,800. They include Candlewood and Northwood in Everett, Wash., and Willshire Cove (pictured) in Lynnwood, Wash. Candlewood is a 151-unit apartment community built in 1970. Northwood features 55 units and was built in 1968. The 118-unit Willshire Cove was built in 1967. Candlewood and Willshire Cove have eight-year terms with seven years of yield maintenance and 30-year amortization. The rate is fixed for the first seven years and then adjustable in the final year. Northwood has a 10-year term, the first nine years with fixed rate plus one year adjustable, with a 30-year amortization. Kislak Completes Sale of 120-Unit Community for over $10M Hackettstown, N.J.–The Kislak Co. Inc. recently completed the $10.15 million sale of 211 Mountain Ave., a 120-unit garden-style apartment complex in Hackettstown, N.J. Sales Associate Joseph Keenan represented the seller, Nedeller Properties LLC, and Vice President Jonathan Greenberg represented the buyer, Yellow Rose.Part of the financing for the transaction was obtained through Regal Bank, a new local lender. Riverside Gardens is a well-maintained garden-style apartment community, located in Hackettstown. Recently, Hackettstown has been experiencing a surge in both population and outside investments. The new owner plans to continue to operate the property as rental units. Northmarq Arranges First Mortgage Financing for Three Multifamily Properties Totaling over $7MHopkins, Minn., Minneapolis and St. Paul, Minn.–NorthMarq Capital Inc.’s Minneapolis regional office has arranged first mortgage financing for three multifamily properties located in Minnesota for $7.048M.The company provided $1.575 million for Creek Point Apartments, a 101-unit rental property, located in Hopkins, Minn., $3.290 million for the 77-unit Labor Retreat Apartments in Minneapolis and $2.183 million for the 67-unit Labor Plaza Apartments in St. Paul, Minn.Financing for Creek Pointe Apartments was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s relationship with a national bank. Financing for Labor Retreat and Labor Plaza was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.