NorthMarq Closes $25.3M for Austin Apartments
- Mar 21, 2014
Austin, Texas—NorthMarq Capital’s Chicago regional office has arranged $25.3 million in acquisition financing for The Cottages, a 330-unit property located in Austin, Texas. Jeff Frankel, senior vice president and senior director of the office, led the transaction.
The transaction was structured with a five-year term and 29-year amortization schedule after 30 months of interest only payments. A correspondent life company originated the financing. The borrower was a long-term NorthMarq client, participating in over 20 past loan transactions.
Karlin Real Estate obtains $15M to refinance previously foreclosed condo project
Sacramento, Calif.—Karlin Real Estate has provided an affiliate of Clippinger Investment Properties with a $15 million loan to refinance the L Street Lofts, a luxury 92-unit condominium project located at 1818 L Street in Midtown Sacramento’s popular Handle District.
Built at a cost of $55 million, the L Street Lofts comprise 92-units ranging in size from 700 square feet to 2,092 square feet. Each unit features floor-to-ceiling windows, solid wood floors, European cabinetry and other high end finishes. The property also includes 5,800 square feet of street level, which is currently 91 percent leased by Wahoo’s Fish Tacos and a local dental practice.
The L Street Lofts were originally planned by a local developer to take advantage of a strong luxury condo market in Sacramento. Unforeseen delays in the development process resulted in the eight-story building being delivered to market in 2008, just when the economy started to sour, according to Karlin Real Estate’s Managing Director Larry Grantham.
Clippinger acquired the remaining 67 unsold units at the high-end residential tower out of foreclosure in May 2012 for an attractive price. Since that time, the majority of the units have been sold or leased up.
Grandbridge arranges acquisition financing for Jacksonville asset
Jacksonville, Fla.—Grandbridge Real Estate Capital has closed a $5.4 million first mortgage loan secured by Cross Creek Apartments, a 292-unit community in Jacksonville, Fla. The acquisition was originated by Miami-based Michael Balan. Funding was provided through one of Grandbridge’s CMBS relationships and featured a 10-year term and 30-year amortization.
“This transaction involved a complicated network of foreign investors,” Balan says. “Based in Mexico, this borrower group has a track record of successful value add projects and has worked with the lender on previous investment property transactions, making both parties comfortable and confident with our deal.”
The property features a clubhouse, laundry facilities, pool and playground.