TODAY’S DEALS: NorthMarq Capital Arranges $16.1M First Mortgage Financing for 300 Units, and Other Transactions
- Dec 02, 2008
By Erika Schnitzer, Associate Editor Grand Prairie, Texas–NorthMarq Capital has arranged first mortgage financing of $16.1 million for Indigo Pointe Apartments, a 300-unit multifamily community.Financing was based on a four-year interest-only term and was arranged by NorthMarq through its relationship with a Midwest life insurance company.Jeff Frankel, senior vice president and senior director of NorthMarq Capital Inc.’s Chicago office, arranged the financing.ARA Closes $2.3M Sale of 32-Unit Rental PropertyPhoenix—Apartment Realty Advisors (ARA) has negotiated the sale of Central Mountain Villas, a 32-unit garden-style apartment building, for $2.3 million.The sales price of the property, which had a 60-day list period and 45-day close, represents $71,875 per unit.Nick Steele, David Cohen and Bret Zinn, all of the ARA Phoenix office, represented the seller. The buyer was Phoenix-based Central Mountain LLC.Central Mountain Villas, constructed in 1964, features two- and three-bedroom units averaging 1,013 sq. ft. Amenities include private balconies or patios, an outdoor swimming pool and covered parking. The occupancy at the time of closing was 91 percent.PNC ARCS Arranges $2.1M Loan for 37-Unit Building New York—PNC ARCS recently arranged a $2.1 million loan for Central Park South Apartments, a 37-unit condominium building in New York.The loan, originated by PNC ARCS’ Princeton, N.J. office through Fannie Mae, was for a 10-year term/interest-only at a fixed rate of 5.82 percent.The 21-story Central Park South Apartments, originally built in 1961, is an A-rated building with a commercial unit on the ground floor.