The Morgan Group Arranges $146M
- Jan 26, 2012
Houston—Development, construction and management company The Morgan Group has arranged $146 million in financing on behalf of its affiliated investment partnerships. The proceeds were obtained from bank, agency and insurance loans with terms ranging from five to ten years. The financing is collateralized by five apartment properties in Texas, Florida and North Carolina.
“Current loan rates for multifamily projects were extremely attractive,” says Mike Morgan, chairman and chief executive officer of The Morgan Group. “It appeared to be a good time to lock in terms for stable, core assets. The five apartment properties we refinanced represent more than 1,700 units in our portfolio.”
The assets include:
—2222 Smith Apartments and 33Thirty-Three Weslayan Apartments in Houston, financed by BBVA Compass Bank and Northwestern Mutual.
—The Village at Lake Lily in Maitland, Florida, and Arelia James Island Apartments, in Jacksonville, Florida, which were financed by FNMA and Metropolitan Life.
—Spectrum South End Apartments in Charlotte, North Carolina, financed by New York Life.
Beech Street Capital lands $14 million for D.C.-area apartments
Washington, D.C.—Beech Street Capital LLC has provided a $14 million Fannie Mae conventional loan to refinance Woods Edge Apartments, a 162-unit community located in Rockville, Md. The deal was originated by Meridian Capital Group LLC. Beech Street secured an early rate lock in just 48 hours. The fixed-rate loan has a 10-year term with full-term interest-only.
Wood Edge was built in 1965. The property consists of 12, three-story buildings. Amenities include playgrounds, a swimming pool and tennis courts.
NorthMarq connects borrower to $4.5M from life insurance company
Glen Ellyn, Ill.—Sue Blumberg, senior vice president and managing director of NorthMarq Capital’s Chicago Regional office, arranged first mortgage refinancing of $4.5 million for Hillcrest Apartments, a 190-unit multifamily property located at 20 Forest Hill Drive in Glen Ellyn, Ill.
Financing was based on a 20-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Advantus Capital Management Inc. on behalf of Minnesota Life Insurance Co.
According to. Blumberg, this transaction is a fully amortizing loan at a historically low rate of 4.60 percent. She states, “This is the second long-term refinance with this borrower.”