TODAY’S DEALS: Grandbridge Closes $3M in First Mortgage Financing for 112-Unit Community
- Apr 14, 2009
By Anuradha Kher, Online News EditorBirmingham, Ala.–Grandbridge Real Estate Capital LLC recently closed a $3 million first mortgage loan secured by Feemstaer Lake Apartments in Tupelo, Miss. Senior Vice President John Segrest originated the fixed-rate, non-recourse loan. The refinance of the 112-unit apartment complex was funded by Grandbridge and sold to Fannie Mae under the DUS Early Rate Lock (ERL). Fannie Mae’s ERL feature lets borrowers manage interest rate risk by locking the interest rate up to 12 months in advance of funding.The transaction closed with an interest rate in the mid-six percent range and was based on a 10-year term with a 30-year amortization. The loan will retire existing debt and provide significant funding for renovations and upgrades to the property. The property, built in 1990 and located on 7.3 acres of land near the University of Mississippi at Tupelo, and features 50 one-bedroom and 62 two-bedroom apartments in 23 buildings, and was 96 percent occupied at closing. NorthMarq Capital Arranged $4M Mortgage for 126-Unit Rental CommunitySanger, Calif.–NorthMarq Capital has arranged a $4 million first mortgage for Tangerine Hill Apartments, a 126-unit multifamily complex located in Sanger, Calif.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The transaction has a 4.77 percent start rate with a 7.10% lifetime cap and a flexible prepayment schedule.