TODAY’S DEALS: NorthMarq Capital Arranges $24.3M Mortgage for 698-Unit Apartment Community, and Other Transactions
- Feb 11, 2009
By Anuradha Kher, Online News EditorRichfield, Minn.–NorthMarq Minneapolis regional office has arranged first mortgage financing of $24.3 million for Crossroads at Penn (pictured), a 698-unit apartment community, located in Richfield, Minn. Financing was based on a 10-year term with two-years interest only followed by a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.Alliant Capital Closes $3.96M ARM Apartment LoanTucson, Ariz.–Alliant Capital closed a $3,964,200 ARM loan for the refinance of the Retro City Apartments. The 183-unit garden-style apartment community was built in 1962 and is comprised of two, four-story residential buildings. Alliant’s loan has a 10-year term with a 30-year amortization and a start rate of 4.166 percent with a 3 percent cap above the start rate.