TODAY’S DEALS: NorthMarq Capital Arranges $5M Mortgage for 212-Unit Rental Property, and Other Transactions
- Feb 13, 2009
By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital has arranged first mortgage financing of $5 million for Colony Apartment Homes (pictured), a 212-unit multifamily property, located in Richfield, Minn.Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.Hendricks & Partners Arranges Sale of Five-Unit Property for Over $1MBel Air, Calif.–Hendricks & Partners has arranged sale of Ovada Garden Terrace, located at11378-11382 Ovada Place in Bel Air, Calif. The five-unit apartment community was sold for $1,575,000, $315,000 per unit, at 4.0 percent CAP.Ovada Partners LLC of Encino, Calif. sold the property to Ovada Garden LLC of Los Angeles, Calif.Gebroe-Hammer Closes $1.5M Sale of 20-Unit Rental CommunityLong Branch, N.J.–Gebroe-Hammer Associates has arranged the trade of Sea West Manor, a 20-unit garden apartment complex in Long Branch, N.J., for $1.5 million. Located at 559 2nd Ave, the building features a brick/stucco façade along with 10 studio, eight one-bedroom and two two-bedroom units. The property was 95 percent occupied at the time of sale.