TODAY’S DEALS: NorthMarq Arranges $26M in Mortgages for Three Conn. Properties, and Other Transactions
- Dec 11, 2008
By Erika Schnitzer, Associate Editor Purchase, N.Y—The Greater Westchester NY/CT regional office of NorthMarq Capital Inc. has arranged $26 million in first mortgage refinancing for three apartment buildings, totaling 444 units.Ridgefield Apartments (pictured), a 262-unit property located in Middletown, Conn., was refinanced at $13.75 million. Hamden Ridge Apartments, a 135-unit community, was refinanced at $9,732,500, and Jefferson Arms, a 47-unit property, was refinanced at $2,517,500. The latter two properties are located in Hamden, Conn.Financing was based on a 10-year term, plus one-year fixed to float, with five years interest-only on a 30-year amortization schedule thereafter.Robert W. Ranieri, senior vice president managing director of NorthMarq’s Greater Westchester, NY/CT office, arranged the financing for the borrower, Midcon Partners Limited Partnership, through NorthMarq’s seller-servicer relationship with Freddie Mac.Gross & Cohen Acquire 353-Bed Student Housing Portfolio for $13.75M South Bend, Ind.—Gross & Cohen Real Estate Investors Ltd. recently acquired a 353-bed student housing portfolio at the University of Notre Dame for $13.75 million.The portfolio is comprised of 47 properties within one mile of the university’s campus. The properties have been 100 percent occupied for the past four years.”Including the properties in this portfolio, there are approximately 2,500 beds available for off-campus housing at Notre Dame and there are more than 4,000 students seeking these beds,” says Steven J. Gross, president, Gross & Cohen Real Estate Investors Ltd. “Accordingly, the properties have been fully occupied for several years and we anticipate a continuation of that trend.”Mark Kramer of Kramer Property Management will remain the property manager for this portfolio.PNC ARCS Arranges $2.81M for 25-Unit Calif. PropertyInglewood, Calif.—PNC ARCS has arranged a $2.857 million loan for Palm Apartments, a 25-unit apartment community in Inglewood, Calif.The seven-year loan, which was originated by PNC ARCS’ Calabasas Hills, Calif. office through Fannie Mae’s Small Loan product, amortizes on a 30-year schedule at a fixed rate of 5.68 percent.The two-story Palm Apartments, which was built in 1989, features a sundeck with BBQ area and gated parking.