TODAY’S DEALS: NorthMarq Capital Arranges over $92M for Multiple Properties, and Other Transactions
- Nov 12, 2008
By Anuradha Kher, Online News EditorBloomington, Minn.–NorthMarq Capital Inc. arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. These multifamily properties are located in Ohio, Colorado and South Carolina and feature a total of 1,529 units. Financing was based on a 10-year term with three years interest only and a 30-year amortization schedule thereafter. The company also arranged first mortgage financing in the amount of $2.012 million for the New Country Village, a 48-unit multifamily property located in Cicero, N.Y. Financing was based on a 10-year fixed term plus 1-year floating and a 30-year amortization schedule.Plus, NorthMarq arranged first mortgage financing of $7.74 million for Villa West Apartments, a 308-unit multifamily complex, located in Topeka, Kan. Financing was based on a seven-year term with three years interest only and a 30-year amortization schedule thereafter. The company also arranged first mortgage financing of $5.2 million for Whispering Pines, a 320-unit multifamily property, located in Spartanburg, S.C. Financing was based on a seven-year term with a 30-year amortization schedule. NorthMarq arranged all three loans for the borrowers through its seller-servicer relationship with Freddie Mac.In addition, the company arranged first mortgage financing of $4.75 million for Linden West Apartments, a 96-unit multifamily property, located in Indianola, Iowa. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate, AmeriSphere Multifamily Finance.Finally, it arranged a $1.9 million first mortgage for Palm Vista Apartments, a 24-unit multifamily property, located in Riverside, Calif. Financing was based on a five-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with Washington Mutual Bank. Cushman & Wakefield Arranges Sale of Condo Complex for $21.9M Tampa, Fla.–Cushman & Wakefield recently arranged the sale of the majority of The Place at Channelside, a luxury 245-unit condominium complex in downtown Tampa, Fla.The buyer, Channelside LLC, acquired the newly developed property at a U.S. Bankruptcy Court auction arranged by Cushman & Wakefield Apartment Brokerage Services and Fisher Auction Co. Inc., which acted together on behalf of the receiver. Channelside LLC acquired 171 residential units, including studios to three-bedroom units, ranging in size from 600 sq. ft. to 3,600 sq. ft., as well as 12,000 sq. ft. of retail space locatedon the ground floor of the property. Prior to the bankruptcy proceeding, 74 units had already been sold and are owned independently of the joint venture.14-Unit Rental Community Sold for over $2MMontclair, N.J.–Gebroe-Hammer Associates arranged the sale of 14-unit rental community at 31 The Crescent for $2.350 million in Montclair, N.J.Comprised of 14 two-bedroom units, each apartment features more than 1,100 sq. ft of living space, one-and-a-half bathrooms and a large porch. The three-story, all-brick walk-up was 100 percent occupied at the time of sale and in excellent condition.