TODAY’S DEALS: NorthMarq Capital Arranges Over $18M in First Mortgage Financing for 308-Unit Rental Community, and Other Transactions
- Jan 26, 2009
By Anuradha Kher, Online News EditorWebster, N.Y.–NorthMarq Capital recently arranged first mortgage financing in the amount of $18.08 million for Webster Manor Apartments (pictured), a 308-unit multifamily complex, located in Webster, New York.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. According to NorthMarq, this permanent financing enabled the client to achieve a return of invested equity following improvements and rent increases to this property. Hendricks & Partners Arranges Sale of 40-Unit Property for Over $7MNorth Hollywood, Calif.–Hendricks & Partners recently arranged the sale of Otsego Villas, located at 11109 Otsego St. in North Hollywood (NoHo Arts District), Calif., for $7.7 million. The 40-unit apartment community is non-rent-controlled.PNC ARCS Completes $5M Loan for Seniors Housing CommunityRiverside, Calif.–PNC ARCS recently completed a loan in the amount of $5 million for the Creekside Senior Apartments, a 152-unit senior housing property in Riverside, Calif.Built in 1991, Creekside Senior Apartments is a garden-style community comprised of 19 one-story buildings sprawled over seven acres of land. The facility is restricted to those 55 years of age or older. Common amenities include a swimming pool, spa, laundry room (four washers, four dryers), barbeque area, clubhouse, as well as secured parking and entry. The loan was for a 10-year term/30-year amortization at a fixed rate of 6.2 percent.