TODAY’S DEALS: NorthMarq Capital Arranges $21.5M Mortgage Refinance for Mixed-Use Condo Project
- Oct 23, 2008
By Anuradha Kher, Online News EditorPhiladelphia–NorthMarq Capital Inc.’s New York City regional office recently arranged a $21.5 million mortgage refinance of existing debt for a 180,000 sq. ft. mixed-use condominium project located in The Packard Building (pictured) on the southeast corner of 15th and Chestnut Streets in Philadelphia. The 26-story project features residential sub-condominiums, which are not part of the collateral. Financing was based on a five-year term with a 30-year amortization schedule and was arranged for the borrower, Chest-Pac Associates L.P. by NorthMarq through its relationship with CW Capital, LLC.42-Unit Class A Rental Community Sells for over $3MNewton, N.J.–Town Square Garden, a 42-unit, Class-A apartment complex, located at 54 Mill St. in Newton, N.J., has sold for $3.675 million. Gebroe-Hammer Associates represented the seller, Town Square Gardens LLC, and procured the buyer, a long-term Gebroe-Hammer client. Built in 1971, the two-story Town Square Garden features a stucco exterior façade and a mix of 19 one-bedroom, 18 two-bedroom and four three-bedroom units. Amenities include an onsite laundry room and storage garages. The buyer is planning an extensive capital improvement program for the property.Chozick Realty Sells 15-Unit Townhome Property for $1,260,000Manchester, Conn.–Chozick Realty has completed the sale of the 15-unit Mansion Apartments located at 20-28 Otis St., in Manchester, Conn. The complex features eight, two-bedroom townhouse units constructed in 1972 and seven two-and three-bedroom units located in an original Cheney family Mansion constructed in 1886. The purchaser, Otis Manch LLC plans further improvements to the property including restoring many of the exterior features of the property. Rick Chozick represented the purchaser, while Michele Lizee of Century 21 Alaimo represented the seller, Stephen Grimaldi.