TODAY’S DEALS: NorthMarq Capital Arranges $72.915 in Mortgages for Three Multifamily Properties, and Other Transactions

By Anuradha Kher, Online News EditorSan Francisco, San Ramon, Garden Grove, Calif.–NorthMarq Capital Inc.’s (NorthMarq) San Francisco regional office, recently arranged first mortgage financing of $7.5 million for 1055 California St., a 15-unit multifamily property, located in San Francisco while the Los Angeles regional office arranged a $53 million first mortgage financing for Mill Creek at Windemere Apartments (pictured), a 400-unit multifamily complex, located in San Ramon, Calif. and $12.415 million first mortgage for the acquisition and renovation of Westminster Arms, an 88-unit multifamily property, located in Garden Grove, Calif. Financing for the San Francisco property was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Fritz Property Group Inc. by NorthMarq through its relationship with First Republic Bank. The financing will provide the Fritz Property Group with capital for planned acquisitions.Financing for the San Ramon project was based on a 10-year fixed term with one-year floating option and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The Garden Grove property received financing based on a three-year term with two options to extend maturity an additional year and was arranged for the borrower by NorthMarq through its relationship with Pacific Coast Capital. 54-Unit Apartment Complex Sells for $2.7MGresham, Ore.–Hagerman Frick O’Brien (HFO) has arranged the sale of the 54-unit Carrington Square Apartments in Gresham, Ore. for $2.7 million or approximately $50,000 per unit.  The project, located at 637 SE 182nd St. in Gresham, is spread across approximately two acres of land and includes a private pool. The complex is 1/3 mile from a MAX stop (Portland’s light rail system) and amenities include private balconies or patios. 18-Unit Rental Community Sold for $1.475MPaterson, N.J.–Gebroe-Hammer recently arranged the $1.475 million sale of 122-132 N. 7th St., an 18-unit garden-apartment complex in Paterson, N.J. “Passaic County’s multifamily investment submarket continues to be characterized by aggressive pricing of rental properties that come to market as demonstrated by this property,” says Michael Petrak, who along with Jay Lombardo, represented the seller.According to Petrak, the seller, who owned the property for more than 25 years, realized a significant return at $82,000 per unit. “Due to the property’s well-maintained interior and brick-façade exterior, the buyer plans to leverage the income production of this 100-percent occupied building by implementing concrete and landscaping upgrades,” Petrak adds.Located on the border of Haledon, N.J., 122-132 N. 7th St. is comprised of 14 one-bedroom units and four two-bedroom units in a quiet residential neighborhood. “Paterson is one of New Jersey’s leading urban markets for multifamily investments because of strong tenant demand for apartment-rental living within the Passaic County seat,” says Ken Uranowitz, Gebroe-Hammer’s managing director. “Similar conditions prevail in New Jersey’s other urban centers like Hudson, Essex and Union counties.”