TODAY’S DEALS: NorthMarq Arranges Permanent Loan of $19.5M for 336-Unit Community, and Other Transactions
- Mar 24, 2009
By Anuradha Kher, Online News EditorDenver–NorthMarq has arranged a permanent loan of $19.5 million for South Fork Apartments. The newly constructed, garden-style apartment community features 336 units in 15 three-story buildings. Amenities include an outdoor swimming pool, heated spa, detached garages available for additional monthly cost, along with a clubhouse, business and fitness centers. Unit amenities consist of patio or balcony, gas fireplaces, vaulted ceilings, high-speed data wiring, walk-in closets and washer/dryer connections. HFF Arranges $9M Refinancing for 256-Unit Rental CommunityFlorham Park, N.J.–HFF (Holliday Fenoglio Fowler L.P.) has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments, a 256-unit multifamily community in Lebanon, Penn.Northmarq worked on behalf of Altman Cos. to secure two, 10-year, 6.25 percent fixed-rate loans. Wachovia Multifamily Capital Inc. and Fannie Mae provided a $4.6 million loan for Plaza I and a $4.4 million loan for Plaza II Apartments. Located on 24 acres at 1813 Summit Street (Route 72), Plaza I and II Apartments is adjacent to the Lebanon Place Mall. The 98 percent leased property has 12, three-story buildings with one-, two- and three-bedroom units averaging 780 sq. ft. each. Community amenities include a swimming pool, two tennis courts, a half-court basketball court and tot lots.