TODAY’S DEALS: NorthMarq Capital Arranges $9.3M Mortgage for 156-Unit Rental Community, and Other Transactions
- Dec 22, 2008
By Anuradha Kher, Online News EditorRamona, Calif.–NorthMarq Capital Inc.’s Los Angeles office recently arranged a $9.3 million first mortgage financing for Summer Creek Apartments (pictured), a 156-unit garden-style apartment complex, located in Ramona, Calif. Financing was based on a seven-year interest-only term and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Arbor Closes Over $8M Fannie Mae DUS LoanCedar Rapids, Iowa.–Arbor Commercial Funding LLC recently completed a loan of $8,475,000 under the Fannie Mae DUS product line to finance the 144-unit complex known as Wheatland Club Apartments in Cedar Rapids, Iowa.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.61 percent. PNC ARCS Provides $4,330,000 for Two Multifamily Properties in MidwestTopeka, Kan. and Omaha, Neb.–PNC ARCS recently arranged two loans totaling $4.33 million for the Warren House Apartments in Topeka, Kan., and the Warren House Apartments in Omaha, Neb. Warren House is a 160-unit garden style complex with seven two-story residential buildings situated on 7.441 acres of land. The project was built in 1973 and common amenities include a swimming pool and laundry facilities. Warren House is a 149-unit garden style complex with nine two-story buildings on almost six acres. Built in 1974, the project features a swimming pool, laundry facilities and garage parking. The loans, originated through Fannie Mae, were for 10-year terms/30 year amortization at a fixed rate of 5.90 percent.