NorthMarq Arranges $21.8M for California Affordable Housing

NorthMarq refinances two assets in Alameda, Calif.; Marcus & Millichap closes the sale of Imperial Crown apartments; and Berkadia originates $34 million for a multifamily property on Long Island, N.Y.

Alameda, Calif.—The San Diego office of NorthMarq Capital has arranged Fannie Mae financing of $21.8 million for Esperanza and Independence Plaza, family and seniors affordable housing communities with a combined 306 units in Alameda, Calif.

The Independence Plaza transaction was structured as a 12-year fixed rate fully amortizing loan and the Esperanza transaction was structured as a 30-year fixed rate fully amortizing loan through Fannie Mae DUS Lender AmeriSphere Multifamily Finance.

“The purpose of the financing is to make available additional capital to further the mission of the Alameda Housing Authority to provide quality, affordable safe housing for residents of the community,” says Gardiner Champlin, senior vice president and managing director at NorthMarq. “By taking advantage of today’s attractive low fixed interest rates, the borrower achieved a very cost effective leveraging of these assets to provide funding for ongoing improvement and expansion of its affordable housing portfolio.”

Champlin worked with Marty Meagher, senior vice president and managing director at Northmarq, in closing the deal.

Florida apartments trade for $6.8M

Imperial CrownLakeland, Fla.—Marcus & Millichap has closed the sale of Imperial Crown apartments, a 173-unit apartment property located in Lakeland, Fla. The $6.9 million price equates to $39,595 per unit.

“The buyer recognized a significant add value play in Imperial Crown Apartments, which should be expedited by the continued growth we are seeing in north Lakeland, along the I-4 corridor,” says Michael Regan, vice president investments at Marcus & Millichap’s Tampa office.

Regan worked with Francesco Carriera, vice president investments, in closing the sale.

Imperial Crown apartments received round of capital improvements in 2013 with new exterior paint, two new roofs and a repaved parking lot. Amenities include a fitness center, business center, volleyball court, shuffleboard courts, a billiards room, playground and resort-style swimming pool.

Berkadia originates $34M for multifamily property on Long Island, New York

New York—The New York office of Berkadia Commercial Mortgage LLC recently arranged $34 million for a multifamily property located in East Moriches, N.Y. Senior Vice President John DiCrocco secured the 10-year, fixed-rate financing through Berkadia’s Freddie Mac program.

DiCrocco worked with borrower Frowein Road LLC, who will use the loan to refinance existing debt on Walden Pond Apartments. Loan terms include a 3.89 percent interest rate and 30-year amortization schedule.

Walden Pond Apartments is a 324-unit property located on Long Island, N.Y., approximately 75 miles east of New York City. Situated on 38 acres of land, it features one- and two-bedroom layouts, and amenities include tennis courts, a pool and fitness center. At loan closing, the property was 97 percent occupied.

“Berkadia’s team worked swiftly and diligently to lock in an interest rate within two weeks, deliver Freddie Mac’s loan commitment in just 45 days and close two weeks later at the borrower’s request to help them avoid double interest payments,” says DiCrocco. “Our strong relationship with the GSEs and familiarity with the borrower enabled us to manage the transaction seamlessly without any changes to the loan application.”