TODAY’S DEALS: NorthMarq Arranges $25M Mortgage for Missouri Community
NorthMarq arranges $25 million for a 412-unit community in Missouri; Oak Grove Capital closes a $437.8 million credit facility for Brookdale Senior Living; and the Largo Group of Companies arranges a $4.2 million mortgage for lofts in Buffalo, N.Y.
Kirkwood, Mo.—NorthMarq Capital’s St. Louis Regional office has arranged $25 million in permanent financing for Kirkwood Bluffs, a 412-unit apartment community located in Kirkwood, Mo. The financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the mortgage through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
“This loan was closed between a repeat borrower and lender,” says David Garfinkel, a senior vice president at NorthMarq. “The loan closed in 5 weeks and the borrower was extremely pleased with the entire process from beginning to end.”
Kirkwood Bluffs is situated on 43 wooded acres. Amenities include a clubhouse, pool and covered parking lot. The property features a mix of one-, two- and three-bedroom units.
Oak Grove Capital closes $437M credit facility for Brookdale Senior Living
St. Paul, Minn.—Oak Grove Capital has closed a $437.8 million Fannie Mae DUS credit facility for Brookdale Senior Living. The seven-year facility is 75 percent fixed rate and was used to refinance existing mortgage debt.
“Brookdale was looking for flexibility, aggressive pricing and certainty of execution for 44 properties within a compressed timeframe,” says Bill Kauffman, managing director of Oak Grove Capital Seniors Housing and Healthcare Group. “Working with Fannie Mae, we designed and delivered a financing structure that provided Brookdale with the ability to add, substitute and expand properties at pricing levels that complemented the company’s other financing initiatives.”
In total there were 4,145 assisted living, independent living, memory care and skill nursing units refinanced under the transaction.
Largo provides $4.2M mortgage for Buffalo apartments
Buffalo, N.Y.—The Largo Group of Companies has arranged a $4.2 million first mortgage for Ellicott Lofts, a 38-unit mixed-use building in Buffalo, N.Y. Largo’s Zachary Casale, account executive, completed the financing, which was non-recourse for 10 years with a 30-year amortization schedule.
The property includes a mix of one- and two-bedroom units. Apartments are finished with stainless steel kitchen appliances, zodiac quartz counter tops, oversized windows, and 22-foot high ceilings (in the two-bedroom, bi-level units). The 4,000 square feet of on-site office is part of the loft’s Business Identity Program, which provides tenants with office support, allowing them to work from home with the benefits of an enhanced business image.
