NorthMarq Arranges $23.25M Life Insurance Company Loan with Advance Rate Lock
- Aug 16, 2013
Gurnee, Ill.–Jeff Frankel, senior vice president and senior director of NorthMarq’s Chicago regional office, and Charlie Robinson, senior vice president and senior director of NorthMarq’s Dallas regional office, cooperated to arrange first mortgage refinancing of $23.25 million for Woodlake Apartments, a 260-unit, market-rate multifamily property located at 101 Woodlake Boulevard in Gurnee, Ill. Financing was based on a five-year term, with the first 30 months interest-only, followed by a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“The lender locked in the interest rate for seven months without any rate premium,” Frankel said. “This allowed the borrower to take advantage of low rates and obtain a loan commitment well in advance of their open par prepayment window with the existing lender.”
Los Angeles County apartment complex changes hands at $9.9M
Torrance, Calif.– Marcus & Millichap Real Estate Investment Services arranged the sale of 3708 Spencer St., a 44-unit apartment complex located in the southwestern Los Angeles County coastal community of Torrance. The sales price of $9.9 million equates to $225,000 per unit.
Michael DiSimone, Ron Harris, and Joseph Smolen of Marcus & Millichap’s Los Angeles office, represented the seller, 3708 Spencer Ltd. The buyer, also represented by the listing agents, is a local private investor.
“This was the first time the property had been on the market in approximately 40 years,” says DiSimone. “We sourced a highly motivated group of potential buyers that included some foreign groups.”
“Located in one of the most desirable submarkets in the Los Angeles MSA, the building has been well maintained and yet also provides the new owner with significant value enhancement opportunities,” adds Smolen.
Built in 1968 on a 33,018-square-foot parcel just east of Hawthorne Boulevard and south of Del Amo Boulevard, the property is situated in a medium density area of Torrance near key employers and some of the South Bay’s top public schools.
The wood-frame and stucco building features a variety of one-, two- and three-bedroom apartments and townhome-style units, a quiet courtyard setting with pool, on-site laundry facilities, controlled access entry, a manager’s office and lobby and gated semi-subterranean assigned parking.