NorthMarq Arranges $16.93M for Institutional Borrower’s Class A Mid-Rise
- Feb 18, 2011
Portland, Ore.— NorthMarq Capital’s San Diego Regional office arranged first mortgage financing of $16.93 million for 2121 Belmont Apartments, a 123-unit multifamily property located at 2121 SE Belmont Street in Portland, Ore.
The financing was based on a five-year interest-only term and was arranged for the borrower by NorthMarq through its correspondent relationship with Quadrant R. E. Advisors.
Marty Meagher, senior vice president and managing director, Gardiner Champlin, senior vice president and managing director, and Eric Flyckt, senior vice president and managing director, all of NorthMarq’s San Diego Regional office participated in the financing.
Meagher says the transaction provided full leverage for the acquisition of a new Class A midrise project in an infill location east of downtown Portland. “A very smooth execution start to finish for an institutional borrower client. Quadrant was great, and our client is very satisfied,” he says.
NAI Capital represents $16M apartment sale in California
Norwalk, Calif.—Tom Papoulias of NAI Capital’s Commerce office represented both the buyer and the seller of a 120-unit multifamily complex in Norwalk, Calif. The buyer, Cirrus Asset Management purchased Capistrano Garden Apartment Homes from CRE 12 LLC for $16 million.
“Cirrus was very familiar with the property having managed the building about eight years ago,” says Papoulias. “We had it listed and 30 days later we had it under contract with Cirrus.”
The 101,596-square-foot complex was recently updated and had only 10 vacancies at the time of sale. The gated community was built in 1968 and features a courtyard and golf course views. There are 52 one bedroom units, 48 two bedroom units, and 20 three bedroom units. Interiors feature upgraded kitchens, ceiling fans and private patio/balconies in selected units.
Charles Dunn closes note sale of multifamily property
Los Angeles–Charles Dunn Company negotiated the sale of a 35-unit multifamily property located at 4620 Coliseum St. in Los Angeles, Calif. The 29,718-square-foot apartment building was built in 1954 and is 83 percent leased. The value of the transaction was not disclosed.
Albert Shilton and Blake Rogers of the firm’s West Los Angeles office represented both the buyer, 4620 Coliseum St. LLC, and the seller, Pacific Premier Bank.
“There were more than 400 code violations on the property at the time of sale,” says Shilton. “Along with the note, the buyer received a deed in lieu of foreclosure in a simultaneous transaction.”