TODAY’S DEALS: Hendricks & Partners Arranges Sale of 30-Unit Community for $7.1M, and Other Transactions
- Feb 02, 2009
By Anuradha Kher, Online News editorSeattle–Hendricks & Partners recently arranged the sale of The Max, located at 8520 Evanston Ave. North in Seattle. The 30-unit apartment community was sold for $7.1 million.The Max was slated to be converted into condominiums, but with the downturn in condo sales, was reverted back to luxury apartments.“We are seeing high-end properties coming back from the conversion market and leading the apartment market in terms of pricing, rents and vacancy rates,” says John Shaw of Hendricks &Partners.FHL Bank Atlanta to Award $3.6M for Affordable Housing in Cities Across AlabamaAtlanta–Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award $3.6 million to fund nine affordable housing developments in Alabama. The funding is part of more than $43 million FHLBank Atlanta will award in ten states to create or preserve 4,514 units of affordable housing.FHLBank Atlanta will award the funds as part of its 2008 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 351 affordable housing units in Dallas, Geneva and Jefferson counties, as well as the cities of Birmingham, Butler, Dora, Greensboro, Jackson, Selma and Tallassee.”AHP funding not only helps bring affordable housing to areas that have the greatest need, but also provides an important economic boost to entire communities,” says Arthur Fleming, first vice president and director of Community Investment Services, FHLBank Atlanta.NorthMarq Capital Arranges $850,000 Supplemental Mortgage for 176-Unit Rental CommunitySt. Cloud, Minn.–NorthMarq Capital’s (NorthMarq) Minneapolis regional office has arranged supplemental mortgage financing of $850,000 for Park Place Estates, a 176-unit multifamily property, located in St. Cloud, Minn. Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The borrower also assumed the existing mortgage of $7,270,711.