TODAY’S DEALS: HFF Secures $6.4M Financing for 78-Unit Rental Community, and Other Transactions

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By Anuradha Kher, Online News EditorLong Beach, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured $6.4 million in financing for Esther Ridge Apartments (pictured), a 78-unit multifamily community in Long Beach, Calif.Working on behalf of Westland Industries Group, HFF placed the 10-year, fixed-rate loan with Wachovia Multifamily Capital Inc. – FNMA (Fannie Mae). Esther Ridge Apartments […]

By Anuradha Kher, Online News EditorLong Beach, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured $6.4 million in financing for Esther Ridge Apartments (pictured), a 78-unit multifamily community in Long Beach, Calif.Working on behalf of Westland Industries Group, HFF placed the 10-year, fixed-rate loan with Wachovia Multifamily Capital Inc. – FNMA (Fannie Mae). Esther Ridge Apartments is located at 630-800 East Esther Ave. close to the Long Beach and San Diego Freeways in Long Beach. The 100 percent occupied property has 20 one-bedroom/one-bath units averaging 525 square feet each, 40 two-bedroom/one-bath units averaging 750 square feet each, eight two-bedroom/two-bath units averaging 832 square feet each and 10 three-bedroom/one-bath units averaging 880 square feet each.Wachovia underwrote the asset and provided 77 percent loan-to-value at a rate of 5.53 percent fixed for 10 years.NorthMarq Capital Arranges $2.5M Mortgage 100-Unit Rental Apartment ProjectAustin, Texas.–NorthMarq Capital  has arranged first mortgage financing of $2.5 million for The Oaks Apartments, a 100-unit multifamily property, located in Austin, Texas. Financing was based on a four-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company.

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