TODAY’S DEALS: NorthMarq Capital Arranges $22.26M Combined Mortgage for Two Apartment Complexes, and Other Transactions
- Mar 19, 2009
By Anuradha Kher, Online News EditorOverland Park, Kan.–NorthMarq Capital’s Kansas office has arranged combined first mortgage financing of $22.26 million for two apartment complexes located in Overland Park, Kan. Claremont Apartments features 336 units and was financed at $18.86 million. The 98-unit Coventry Oaks Apartments was financed at $3.4 million. Financing for both these multifamily properties was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrowers by NorthMarq through its seller/servicer relationship with Freddie Mac. Prime Property Investors Completes Student Housing Purchase for Undisclosed Amount South Bend, Ind.–Prime Property Investors Ltd. have completed the largest close to campus student housing complex purchase ever transacted at the University of Notre Dame in South Bend, Ind., for an undisclosed amount.The acquisition includes twenty apartment buildings situated on 11 acres of land immediately adjacent to the Notre Dame campus with a total of 330 beds. Known as the Turtle Creek Apartments, Prime will re-brand and reposition the property which has been renamed Clover Village. The entire property will undergo major capital improvements and renovation in order to reposition Clover Village as the premier student housing property in the market. A multi-million dollar renovation program will commence immediately. Improvements, to be completed by Fall 2009, include an addition to the Club House, renovating the entire facility and combined office, fitness center, free tanning spa, gathering place with large premium cable channel flat screens, indoor recreational activities and other amenities.