TODAY’S DEALS: NorthMarq Capital Arranges $50.058M in First Mortgage Financing for Three Multifamily Properties, and Other Transactions
- Sep 23, 2008
By Anuradha Kher, Online News EdiorFargo, N.D.; Bellevue, Wash. and Newark, Calif.–NorthMarq Capital Inc.’s (NorthMarq) Minneapolis regional office recently arranged first mortgage financing of $2 million for Oak Court Apartments as well as $2.55 million for Rosegate Apartments, both located in Fargo, N.D.Financing for the 81-unit Oak Couty Apartments and the 90-unit Rosegate Apartments was arranged for the borrower, INREIT Properties LLP, through NorthMarq’s seller-servicer relationship with Freddie Mac. In addition, the company’s Los Angeles regional office, arranged a $22.5 million first mortgage financing for The Palisades (pictured), a 192-unit multifamily complex, located in Bellevue, Wash. and a $22.978 million first mortgage financing for Bridgeport Apartment Homes, a 184-unit multifamily complex in Newark, Calif.Financing for The Palisades was based on a 10-year fixed term with a one-year floating option and a 30-year amortization schedule. Financing for Bridgeport Apartment Homes was based on a 10-year fixed term with a one-year floating option and a 30-year amortization schedule. NorthMarq arranged both loans through its seller-servicer relationship with Freddie Mac. Arbor Closes Five DUS Loans Totaling Over $15MMiami; Wilson, N.C.; Fort Worth, Texas; Indianapolis and Atlanta–Arbor Commercial Funding LLC recently funded five loans totaling $15,815,800 under the Fannie Mae DUS product line. The loans included a 1,309,500 refinance of a 20-unit complex located at 1063 NW 3rd in Miami; a $2,006,200 refinance of Crescent Gardens, Wilson in N.C., a 100-unit complex; a $2,700,100 refinance of Spanish Village, a 145-unit complex in Fort Worth, Texas; a $4,500,000 acquisition loan for Atrium Village, a 116-unit complex located in Indianapolis and $5.3 million refinance of Spanish Villas, a 157-unit complex in Atlanta.Boston Capital Finance Closes $10,400,000 Loan on Affordable Multifamily Development Virginia Beach, Va.–Boston Capital Finance (BCF) recently closed a $10,400,000 permanent loan for Ocean Gate Apartments in Virginia Beach, Va. The general partner is Virginia-based National Housing Corporation (NHC). Located five miles from downtown Virginia Beach, Ocean Gate Apartments is a 174-unit multifamily development situated on 15.33 acres. The property features 120 two-bedroom units and 54 three-bedroom units located in 20, two-story buildings. Amenities include a swimming pool, community room, fitness center, laundry facility and two playgrounds. Units are available to residents earning 60 percent or less of the Area Median Income (AMI).