TODAY’S DEALS: NorthMarq Capital Arranges $22.25M Mortgage for 346-Unit Rental Community, and Other Transactions
- Jan 12, 2009
By Anuradha Kher, Online News EditorAurora, Ill.–NorthMarq Capital LLC’s recently arranged first mortgage financing of $22.25 million for Butterfield Oaks Apartments (pictured), a 346-unit multifamily property, located in Aurora, Ill. Financing was based on a seven-year term with five years of Yield Maintenance and a 30-year amortization schedule.NorthMarq arranged the financing through its seller/server relationship with Freddie Mac. Arbor Closes Three DUS Loans Totaling Over $13M St. Charles, Ill., Kansas City, Mo. and East Lansing, Mich.–Arbor Commercial Funding LLC recently completed funding of three loans totaling $13,200,000 under the Fannie Mae DUS product line.The loans include:Cumberland Green Co-op, St. Charles, Ill.: Refinance of a 204-unit complex in the amount of $8 million under the Fannie Mae DUS product line. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 6.64 percent. 286-unit Loma Vista West Co-op in Kansas City, Mo.: $3.7 million under the Fannie Mae DUS product line. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.15 percent. 69-unit North Pointe Apartments in East Lansing, Mich.: in the amount of $1,500,000 under the Fannie Mae DUS Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.23 percent.PNC ARCS Provides $3,890,000 for 206-Unit Multifamily Property Calabasas Hills, Calif.–PNC ARCS recently provided a loan in the amount of $3.890 million for the Trinity Oaks Apartments, a 206-unit multifamily property in Arlington, Texas.Built in 1980, Trinity Oaks Apartments is a garden-style complex spread over 10 acres. Property amenities include a leasing office, two outdoor swimming pools, fitness center and laundry facility. The loan was for a 10-year term/30-year amortization at a fixed rate of 6.37 percent.