Amerisphere, NorthMarq Close $20.2M in for Three Assets
- Mar 11, 2015
Virginia, North Carolina & Texas—NorthMarq Capital’s Kansas City regional office has finalized $20.2 million in supplemental financing for three multifamily properties. The assets are Hideaway at Greenbrier in Chesapeake, Va.; Park at Steele Creek in Charlotte, N.C.; and Breckinridge Point in Richardson, Texas. Greg Duvall, senior vice president/managing director at NorthMarq, closed the deal.
Combined, the properties total 1,078 units. The term of each loan was coterminous with the senior mortgage (about seven years) with a 30-year amortization schedule. The financing was arranged through NorthMarq’s affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
Including these three loans, Amerisphere and Fannie have provided the borrower with nine supplemental loans totaling over $44 million within the past year.
Capital One refinances Detroit manufactured community
Detroit—Capital One Multifamily Finance has provided a $9.5 million Freddie Mac fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-space Class A manufactured home community in Howell Township, Mich., near Detroit. The key principal is a first-time customer of Capital One. Proceeds will be used to retire higher-rate debt, and to return cash to the owner partnership in order to acquire more homes and enhance amenities.
The sponsor developed Burkhart Ridge in three phases between 1999 and 2005. Amenities include a large clubhouse, pool, fitness center and athletic courts. The 10-year fixed-rate loan has one year of interest-only payments and a 30-year amortization.
NXT Capital provides $20.4M first mortgage
Chicago‑NXT Capital announced that it has provided a $20.4 million first mortgage loan to finance the acquisition of Sienna Bay, a Class-B garden-style multifamily property in St. Petersburg, Fla. Proceeds from NXT’s loan will fund a renovation plan.
Located minutes away from Westshore Business District, downtown Tampa, St. Petersburg and the MacDill Air Force Base, Sienna Bay’s amenities include swimming pools, a tennis court and a fitness center.