TODAY’S DEALS: NorthMarq Capital Arranged $4M Mortgage for 126-Unit Rental Community
- Apr 23, 2009
By Anuradha Kher, Online News EditorSanger, Calif.–NorthMarq Capital’s Los Angeles office recently arranged a $4 million first mortgage for Tangerine Hill Apartments, a 126-unit multifamily complex located in Sanger, Calif. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. This transaction has a 4.77 percent start rate with a 7.10 percent lifetime cap and a flexible prepayment schedule.Arbor Closes $638,600 Fannie Mae DUS Small LoanSleepy Hollow–Arbor Commercial Funding recently completed a $638,600 loan under the Fannie Mae DUS small loan product line to refinance the eight-unit complex known as Sleepy Hollow in Sleepy Hollow, N.Y. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.36 percent. The sponsor initially purchased the property as an under-performing asset. Northmarq repositioned it and cashed him out so that he could enjoy a long-term fixed-rate note.