NorthMarq Arranges $34.4M for Three Multifamily Properties

NorthMarq closes separate loans for properties in Texas and Georgia; Centerline refinances a 188-unit community in Georgia; and Colliers arranges the sale of a multifamily property in Encinitas, Calif.

Dallas— Suzanne Jones, vice president of NorthMarq Capital’s Dallas based regional office arranged separate financing for three multifamily properties located in Texas and Georgia totaling a combined $34.4 million. All the properties were arranged by NorthMarq for the borrower through its relationship with a CMBS lender.

“We were able to find best in market terms for our borrower while providing a streamlined underwriting process due to our close relationship with the lender.  We were able to do this within a tight time frame to close,” Jones says.

  • Alta Vista Ridge: This $25.5 million acquisition is located at 2241 South Business 121, Lewisville, Texas and contains 270 units. Financing for the acquisition was structured with a 10-year term with 3-years IO and a 30-amortization schedule. Alta Vista Ridge is in process of being rebranded as the Westmount at Vista Ridge.
  • Briar Creek, a 160-unit property located at 893 Briar Creek Ct NE, Conyers, Ga., was refinanced at $4.097 million and structured with a 5-year term and 30-year amortization schedule.
  • Sierra Place is a 130-unit [property located at 66 Northwood Drive NE, Atlanta, Ga. The $4.85 million refinance was structured with a 5-year term and 30-year amortization schedule.

Centerline refinances Georgia community

Augusta, Ga.—Centerline Capital Group has provided a CMBS loan in the amount of $2.5 million to refinance Heritage Apartments, a 188-unit community located in Augusta, Ga. The loan was a conduit commercial mortgage that refinanced the property and provided cash for property improvements.  The borrower is Georgia Heritage Associates.

“Heritage Apartments is in fair overall condition, and the owner is proactive in terms of capital improvements and property maintenance,” says Keith C. Morris, vice president, Mortgage Banking Group at Centerline.  “The property is performing well and the owner will use the cash proceeds from the loan to make capital improvements that will enhance the curb appeal.  In addition, the property benefits from strong management.  This was a solid deal for Centerline.”

Heritage Apartments is comprised of 21, two and three-story apartment buildings that were built in 1967 and are situated on 11.7 acres. The unit mix includes 28 one-bedroom, one-bathroom units, 156 two-bedroom, one-bathroom apartments and 4 two-bedroom, two units. Property amenities include a swimming pool, tennis court, clubhouse, playground and laundry facility.  The property also offers 300 open parking spaces. The property is professionally managed by Blanchard & Calhoun Real Estate Company.

Colliers arranges $775,000 sale of multifamily property

Encinitas, Calif.—The San Diego office of Colliers International announces the sale of a three-unit, 2,467-square-foot multifamily property located at 583-585 Melba Road, Encinitas, Calif., for $775,000.

Rita Lancaster-Hannah and Daniel Knoke of Colliers International represented the seller, Carmel Trust. Don Conley of Pacific Sotheby’s represented the buyer, Kathleen de Paolo Trust, who plans to operate the units as rentals for investment purposes.

This property was built in 1964 and consists of one detached, two story duplex, plus a non conforming unit. The unit mix is comprised of one three-bedroom/one-bath unit, one two-bedroom/one-bath unit, and a one-bedroom/one-bath non-conforming unit.

“This was an all-cash transaction with many competitive offers,” said Rita Lancaster-Hannah, vice president of Colliers International. “The amount of interest and influx of offers demonstrates the demand for coastal multifamily investment properties.”