TODAY’S DEALS: Northmarq Arranges Financing, Equity for Three Multifamily Properties Totaling $75.595M, and Other Transactions
- Aug 18, 2008
By Anuradha Kher, Online News EditorBryan, Texas; Lawrence, Mass.; Buffalo, Minn.–NorthMarq Capital Inc. recently arranged construction/mini-perm financing of approximately $43.82 million and secured an equity of $11.42 million for Wave’s Z Islander, an 852-bed, 368-unit student housing facility, located in Bryan, Texas.The company also arranged first mortgage bridge financing of $16.195 million for Hampton on Beacon Street Apartments, a 222-unit multifamily property, located in Lawrence, Mass. and first mortgage financing of $4.16 million for Evergreen Square Apartments, a 78-unit multifamily property, located in Buffalo, Minn.The construction/mini-perm financing is based on a term of 42 months with interest-only for the construction period, then 30-year amortization during the mini-perm phase for the borrower through NorthMarq’s relationship with Regions Bank.Financing for Hampton on Beacon Street Apartments was based on a two-year interest only term and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company’s bank. Financing for Evergreen Square Apartments was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance.HFF Secures $17.5M in Financing for Two Affordable Housing CommunitiesFort Worth, Plano, Texas–HFF (Holliday Fenoglio Fowler L.P.) recently secured $17.5 million in financing for Garden Gate Fort Worth and Garden Gate Plano, two affordable housing communities in Fort Worth and Plano, Texas.HFF placed two seven-year loans with Freddie Mac (Federal Home Loan Mortgage Corporation). A $7.8 million fixed-rate loan was arranged for the Fort Worth property and a fixed-rate loan of $9.7 million was secured for the Plano property. Completed in 1995 under the Section 42 Low Income Housing Tax Credit program, Garden Gate Fort Worth and Garden Gate Plano feature 240 units each with an average unit size of 840 sq. ft. Hudson Capital Purchased $15.1M First Mortgage Loan Secured by 131-Unit Rental CommunityCarson City, Nev.–Hudson Realty Capital recently made a whole loan purchase of a $15.1 million first mortgage, secured by a newly constructed 132-unit garden style apartment complex in Carson City, Nev.Dolphin Bay Apartments (pictured), situated on 5.29 acres in the northern part of the city, features a recreation room, swimming pool, spa and fitness facility, and conference room as well as 265 parking spaces.