TODAY’S DEALS: NorthMarq Arranges First Mortgage Financing of over $71M, and Other Transactions
- Nov 10, 2008
By Anuradha Kher, Online News EditorOverland Park, Kan.–NorthMarq Capital Inc.’s Kansas City regional office recently arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. These multifamily properties are located in Ohio, Colorado and South Carolina and feature a combined total of 1,529 units. Financing was based on a 10-year term with three years interest only and a 30-year amortization schedule thereafter. NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac. 33-Unit Rental Property Sold for $4.1MVista, Calif.–Hendricks & Partners has arranged the sale of Meadow Ridge, a 33-unit property located at 415 Plymouth Dr. in Vista, Calif., for $4,100,000.Meadow Ridge is a garden-style community constructed in 1978 and comprises 33 extra-large three-bedroom/two-bath units. Amenities include backyards and patios, carports, swimming pool and on-site laundry facilities.The buyer, Brian & Diane Boultinghouse of Avalon, Calif., is planning an extensive rehabilitation project for the property in order to raise rents and take advantage of the strong San Diego County rental market.Arbor Completes Funding of over $3MUnion City, Ga.–Arbor Commercial Funding LLC recently completed funding of a $3,480,000 loan under the Fannie Mae DUS ARM product line to refinance an 86-unit rental complex known as Oakley Shoals, located in Union City, Ga.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.