TODAY’S DEALS: NorthMarq Capital Arranges Over $48M Mortgage for 446-Unit Rental Community, and Other Transactions
- Apr 13, 2009
By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $48.925 million first mortgage financing for Avondale at Warner Center (pictured), a 446-unit multifamily complex, located in Woodland Hills, Calif. Financing was based on a 10-year fixed term with a 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. Walker & Dunlop Closes $4.6M Acquisition Loan Ridgeland, Miss.–Walker & Dunlop provided a $4,578,000 acquisition loan for Parc at Ridgeland Apartments located in Ridgeland, Miss. The loan was structured with a five-year term and a 30-year amortization and was underwritten to a 75 percent loan-to-value with a 1.26x debt-service coverage ratio. The borrower used Fannie Mae’s Convertible ARM (Adjustable Rate Mortgage) product, which allowed the lender to lock a start rate of 4.549 percent (based on a 352 bps investor spread over 1-month LIBOR). The product includes a 250 bps lifetime cap over the all-in rate. The loan also features the 1 percent prepayment option, which includes a one-year lockout for the first year, followed by 1 percent prepayment in years two through five. Parc at Ridgeland Apartments is a 137-unit garden-style complex with amenities including a fitness center, swimming pool, tennis court, playground and laundry center. The property was 93 percent leased at closing.