NorthMarq Arranges $55M Refi for Chicago High-Rise
- Mar 18, 2011
Chicago–Sue Blumberg, senior vice president and managing director of NorthMarq Capital’s Chicago Regional office, arranged first mortgage financing of $55 million for Columbus Plaza, a 533-unit multifamily high-rise apartment building located at 233 East Wacker Drive in Chicago.
Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower, Columbus Plaza Venture LLC, by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC.
According to Blumberg, the refinance included borrower sale of commercial space to Hyatt Regency owners, adjacent to the subject property. She states, “This is a great property, a great borrower, a great management company, a great location and great execution. Everyone involved won on this transaction.”
Beech Street Capital provides $4.5M in financing to Mesa Village
Mesa, Ariz.—Beech Street Capital LLC, in partnership with Fannie Mae, has provided $4.55 million in financing for the acquisition of Mesa Village, a manufactured home community (MHC) in Mesa, Ariz. The community caters to residents 55 and older, and consists of 201 single- and double-wide home sites.
“This is the first of many MHC transactions we hope to complete,” says Grace Huebscher, president and CEO of Beech Street Capital. “We have a great deal of experience in this area, a number of deals in the pipeline, and a real commitment to grow this business.”
The fixed-rate loan has a term of seven years, 6.5 years of yield maintenance and a 30-year amortization schedule. An occupancy rate of 74.9 percent presented a hurdle in structuring the deal.
“We made the case that the borrower is a veteran MHC operator who would bring experienced management to the property,” says Damon Reed, the loan’s originator. “It is potentially a very attractive community, with a host of amenities.”
Mesa Village features a clubhouse with an exercise room and billiards area, a swimming pool, spa, and a miniature golf course.
HFO arranges transactions for $31.6M and $6.2M
Portland, Ore.—HFO Investment Real Estate has arranged the sale of Russellville Commons, a 283-unit mass transit-oriented apartment property in Portland’s Gateway area for $31,625,000. The firm also represented the buyer of 124 condors at The Village Condos in Gresham, located about 14 miles outside of Portland, for $6.2 million.
Russellville Commons is two-story garden style apartment complex with one-, two- and three-bedroom units. The property was built in 1999 and sits on 3.2 acres of land. The sales price represented $111,749 per unit. Common areas include fitness and business centers, a clubhouse, and a pool with spa.
“This property sold to an out-of-state institutional investor looking to get a foothold in the Portland market,” says Cody Hagerman, a partner at HFO. “The investor liked the property in particular because it was less than 10 years old and by far one of the nicest close-in eastside complexes in the area.”
HFO also represented NB The Village at Gresham LLC in their purchase of 124 of 148 total units in The Village Condos. The sale price represented $50,000 per unit. Built in 1975, the low density condos are situated on nearly 13 acres with common areas including a club house, fitness room, pool, and tennis court.
“The buyer picked up this property, a busted condo-conversion project, with a plan to buy back the existing 24 condos and operate it in the future as a residential apartment complex,” says Hagerman.