TODAY’S DEALS: NorthMarq Capital Arranges $100M Credit Facility Addition for Two Rental Communities, and Other Transactions
- Apr 07, 2009
By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $100 million credit facility addition for two multifamily complexes, featuring a combined total of 776 units, located in Southern California. Bunker Hill Towers (pictured) is located in Los Angeles and comprises 456 units. Meadowood Apartments is located in Simi Valley and features 320 units. Financing was based on a five-year term with two one-year extensions with a full-term interest only revolving facility and was arranged for the borrower by NorthMarq through its Seller-Servicer relationship with Freddie Mac. After Being on Market for Three Years, The Argyle Sells for Over $3M Indianapolis–Tikijian Associates has arranged the sale of The Argyle, a 98-year old building on Massachusetts Avenue in downtown Indianapolis for $3.2 million. Local owner, Tony Wishart, had owned and operated The Argyle since 1983. Twenty years later, Tony felt it was time to let someone else take the reins and listed the property for sale with Tikijian Associates for $3.5 million in early 2006. Although there was much interest from the market, the response was that the price was too high. After nearly three years of marketing, Wishart, in his own words, “got tired” and accepted Evergreen Investments’ offer for $3.2 million. The purchasers, Larry Browning and Ron Bowden of Shelbyville-based Evergreen Investment Corp., plan to spend between $200,000 and $300,000 making improvements throughout the property such as replacing the hallway carpets, installing new kitchen cabinets in the apartment units and adding some color to the outdoor courtyard with some fresh landscaping. One of Evergreen Investments’ early priorities is to find a tenant who, “will fit well into the Mass Ave atmosphere,” says Browning.