TODAY’S DEALS: NorthMarq Capital Arranged $8.7 Million Mortgage for 184-Unit Rental Community
- Feb 12, 2009
Las Vegas–NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments (pictured), a 184-unit multifamily property, located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with 40/86 Mortgage Capital. The borrower was only looking to refinance the existing mortgage and locked the rate early as the loan had a lock-out. The lender committed the loan early in the process and held the commitment through a turbulent market.Federal Home Loan Bank of Atlanta to Award More Than $12.4M for Affordable Housing in AtlantaAtlanta–Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will award more than $12.4 million to help finance 1,359 affordable housing units in Georgia. The funding is part of more than $43 million FHLBank Atlanta will award in ten states to create or preserve 4,514 units of affordable housing.FHLBank Atlanta will award the funds as part of its 2008 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the awards to fund 18 affordable housing developments in Bleckley, Butts, Cobb, Crawford, DeKalb, Dodge, Fulton, Henry, Houston, Jones, Lamar, Laurens, Monroe, Montgomery, Peach, Pike, Pulaski, Spalding, Telfair, Treutlen, Twiggs, Upson, Wheeler and Wilcox counties, as well as Atlanta, Bowdon, Cordele, Decatur, Donalsonville, Dublin and Rabun Gap.