TODAY’S DEALS: Arbor Closes $2,256M Fannie Mae DUS Loan, and Other Loans
- Nov 19, 2008
By Anuradha Kher, Online News EditorMidland, Texas–Arbor Commercial Funding LLC recently arranged a $2,256,000 loan under the Fannie Mae DUS product line to acquire the 74-unit community known as Garden Court (pictured) Apartments in Midland, Texas.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.68 percent with 80 percent Loan-to-Value.Guardian Signs Preliminary Agreements to Acquire 4,000-Unit PortfolioPortland, Ore.–Guardian Management LLC has signed preliminary agreements to acquire the real estate portfolio of Atherton-Newport Investments (ANI), for an undisclosed amount. ANI is a multifamily housing firm, based in Orange County Calif., which has been working under Chapter 11 reorganization since January. The assets to be acquired by Guardian include more than 4,000 apartment units, located in Las Vegas, Miami, Phoenix and Seattle. Avalon Holdings initiated and structured the transaction.Over a period of almost a year, ANI’s creditors committee interviewed and received qualifications from more than 15 potential buyout and take-over candidates. The creditors committee, chaired by Steve Trax, principal of MTX Wealth Management LLC of Bethesda, Md., consisted primarily of ANI’s noteholders who had advanced, in the aggregate, more than $30.0 million to ANI. Guardian Management LLC is in the process of acquiring the Atherton-Newport assets through implementation of its first strategic investment fund.NorthMarq Capital Arranged $6.086M Mortgage for 70-Unit PropertyTarzana, Calif.–NorthMarq Capital Inc.’s Los Angeles regional office recently arranged a $6.086 million first mortgage for Tarzana Court Apartments, a 70-unit multifamily property, located in Tarzana, Calif. Financing was based on a seven-year fixed term and a 30-year amortization schedule. It was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.