TODAY’S DEALS: NorthMarq Capital Arranges $26M Construction Facility for 73-Acre Community, and Other Transactions
- Dec 08, 2008
By Erika Schnitzer, Associate EditorParsippany, N.J.—NorthMarq Capital Inc. recently arranged a $26 million construction facility for a 73-acre, 156-unit adult community.“The successful outcome illustrates there is still financing available for well-conceived, for-sale development projects that have a viable exit strategy,” says Martin Klebanoff, senior vice president and co-manging director of NorthMarq.NorthMarq secured a revolving, interest-only construction facility from a regional bank for the age-restricted community, which offers 96 condominiums and 60 detached single-family homes. PNC ARCS Arranges $4.1M for 49-Unit Calif. PropertyHawthorne, Calif.—PNC ARCS has arranged a $4.162 million loan for Eucalyptus Villas Apartments, a 49-unit apartment community in Hawthorne, Calif.The five-year loan, which was originated by PNC ARCS’ Calabasas Hills, Calif. office through Fannie Mae’s Small Loan product, amortizes on a 30-year schedule at a fixed rate of 5.55 percent.The garden-style Eucalyptus Villas Apartments, which was built in 1986, features a swimming pool, spa, laundry room, secured entry and on-site parking. Hendricks & Partners Sells 8 Units for $1.7M Studio City, Calif.—Hendricks & Partners recently arranged the sale of 11747-11753 Moorpark Street, an eight-unit apartment community in Studio City, Calif. The rental building sold for $1,725,000.Mark McDonald of Hendricks & Partners’ Los Angeles office represented the seller, Los Angeles-based Camrose LLC. Winter Holding LLC of Glendale, Calif. purchased the property.