NorthMarq Arranges Five-Year Bank Loan for Purchase in Prime NYC Location
- Oct 09, 2012
New York—NorthMarq’s New Jersey Regional office closed an $11.4 million loan for the acquisition of the Orion, a 42,774 sq. ft. retail condominium as part of the newly constructed 58-story residential high-rise.
The asset is situated in a prime location on West 42nd Street, between 8th and 9th Avenues, just west of Times Square in Midtown Manhattan. Icon Parking Garage, Well Green Market and Starbucks are major tenants at the site. Working exclusively on behalf of a major REIT client, Gregory Nalbandian, senior vice president and managing director, secured very aggressive five-year interest only financing through a regional bank.
“Given the strength of the location coupled with the long-term leases in place well beyond the five-year loan term and low 55 percent LTV on this strategic acquisition, NorthMarq was able to get this regional bank to break pricing and provide a very low 3 percent full-term interest-only loan,” said Nalbandian. “The loan also features a very aggressive prepayment structure that is open at par the last two years of the loan term.”
Ridge Capital purchases California property for $19.625M
Brentwood, Calif.—Ridge Capital Investors LLC acquired TownCentre Commons Apartments, a 137-unit apartment community in Brentwood, Calif., for $19.625 million. TownCentre Commons was developed in two phases in 1991 and 1997 and is located in the newly revitalized downtown area of Brentwood, in close proximity to the recently completed Civic Center, Oak and First Street shops and the award-winning Liberty High School.
Over time, the company will invest an additional $1 million to renovate the 97 percent leased property and its amenities. FPI Management Inc. will manage day to day property operations on behalf of the company.
“This investment represents an opportunity for Ridge Capital Investors and our partners to purchase a well-leased, high-quality Bay Area property at a compelling basis,” commented Trevor Wilson, managing director of Ridge Capital Investors LLC.
This is the third investment for Ridge Capital Investors in the last 12 months and represents the first investment it has made with capital partner Redwood Real Estate Partners of Rancho Santa Margarita, Calif.