NorthMarq Arranges $12.125M Mortgage for Fractured Condos
- Aug 27, 2012
Phoenix– Luke Donahue, vice president of NorthMarq’s Phoenix Regional office, arranged fixed-rate non-recourse acquisition financing of $12.125 million for Citi on Camelback in Phoenix. This asset consists of 178 units of a 360 unit fractured condominium community. Financing was based on a five-year term with two years interest-only and then a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Arthur Hill Co., through its relationship with a life insurance company.
Walker & Dunlop provides cash out in two-year I/O refi
Spokane, Wash.–Walker & Dunlop LLC announced that it recently provided $10,312,000 in financing for Eagle Rock Apartments, a garden-style residential apartment community located in Spokane, Wash.
The refinance loan was structured with a 10-year term with two-years interest-only and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. The loan was underwritten to a 67 percent loan-to-value with a 1.42 debt-service coverage ratio. Walker & Dunlop was able to meet the borrower’s expectations by providing high leveraged cash-out financing with an initial two years of interest-only payments.
Eagle Rock Apartments is a 210-unit apartment development built in two phases between 1996 and 1998. The multifamily property is situated on over 10 acres and offers one-, two-, and three-bedroom floor plans in 11 residential buildings. Property amenities include a mixed-use basketball and tennis court and a clubhouse featuring a resident lounge, kitchen and fitness facility. Eagle Rock Apartments was 94 percent leased at closing.
Walker & Dunlop Senior Vice President, Multifamily Finance, Jay Thomas, led the Walker & Dunlop team.