TODAY’S DEALS: NorthMarq Capital Secures $25M Mortgage for Four Apartment Communities, and Other Transactions
- Feb 04, 2009
By Anuradha Kher, Online News EditorBeverly Hills, Calif.–NorthMarq Capital Inc. has arranged combined first mortgage financings of $25.268 million for LandBanc Capital Inc. of Beverly Hills, Calif., and its Aragon Holdings subsidiary.The Aragon Holdings portfolio features four multifamily properties located in San Antonio, Texas. These include the 72-unit Lexington Apartments (pictured); 176-unit Las Brisas Apartments; 296-unit Timbermill Apartments; and 276-unit Windridge Apartments.Financing for the properties was based on a 10-year term with a 30-year amortization schedule and was arranged by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.Alliant Capital Closes $2.4M Apartment Loan Topeka, Kan.–Alliant Capital closed a $2,425,700 loan for the refinance of the West Indian Hills Townhomes located in Topeka, Kan. The 36-unit community is comprised of 18 townhome-style buildings. Alliant Capital’s loan has a 10-year term with a 30-year amortization. Urban Investment Partners Begins $1.9M Renovation of 70-Year-Old Rental CommunityWashington, D.C.–Urban Investment Partners will soon begin a $1.9 million renovation of The Macklin, a 70-year-old apartment building located at 2911 Newark Street, N.W. on the corner of Connecticut Avenue in the Cleveland Park neighborhood of Washington, D.C.The Macklin, named for its original owner and developer Frank Macklin, was designed by prominent architect Mihran Mesrobian, who immigrated to the U.S. from Turkey in 1921 and joined the firm of iconic Washington developer Harry Wardman. Renovation of The Macklin, scheduled to begin shortly and finish by October of 2009, will include replacement of the old gas boiler, radiators, and window air conditioning units with new individually controlled heating and cooling units in each of the building’s 17 apartments. Kitchens and baths will be completely renovated and laundry units installed in each apartment. The building’s electric wiring and plumbing systems will be replaced, as will the front door and glass block entry feature. Kitchens will feature all-new wood cabinetry, granite or stone countertops, under-cabinet lighting, stainless steel finish appliances including mounted microwaves and dishwashers, and new tile floors. The building’s original steel-framed casement windows, integral to its historic façade, will be preserved.Urban Investment Partners acquired The Macklin plus an adjacent 5,300 sq.-ft. retail building that houses Green Fields restaurant, a parking lot, and an empty lot in mid-2008 for $9.5 million.