TODAY’S DEALS: NorthMarq Capital Arranges $20M Mortgage for 424-Unit Property, and Other Transactions
- May 12, 2009
By Anuradha Kher, Online News EditorMiami–NorthMarq Capital (NorthMarq) recently arranged $20 million first mortgage financing for the Broadwater Apartments (pictured), a 424-unit multifamily property located in Miami. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. Love Funding Closes Over $4M in Refi Loan for 58-Unit Apartment CommunitySt. Louis–Love Funding has closed a $4,265,500 refinance loan for Lake Broadway Townhomes, a 58-unit market-rate, multifamily community located in Columbia, Mo.Love Funding secured the financing using the FHA 223(f) mortgage insurance loan program. By utilizing HUD/FHA, they were able to lock in a 5.9 percent fixed interest rate with a 35-year amortization for the borrower, Broadway Apartments LLC. Lake Broadway Townhomes features recently constructed two-bedroom townhomes with private patios, yards and pool privileges.The features of the loan include reasonably high leverage at a fixed rate for 35 years, without a call.