Chicago–Jeff Frankel, senior vice president and senior director in NorthMarq Capital’s Chicago Regional office, arranged first mortgage financing of $17.9 million for Rocking Horse Ranch, a 356-unit multifamily complex located at 1801 Palm Valley Boulevard in Round Rock, Texas.
Financing was based on a three-year-term interest only and was arranged for the borrower by NorthMarq through its correspondent relationship with a Midwest-based life insurance company. Frankel says this transaction was a refinance of an existing loan with the same borrower and lender.
Long Island development site hits market for $12M
Islip, N.Y.–A 5.3-acre development site next to the 10th fairway of the Hamlet Wind Watch Golf Club has been listed for $12 million. The site is fully approved for the construction of a 13-story, 150-unit luxury condominium tower named the Wind Watch Tower Condominium. Eastern Consolidated is representing the developer.
“Residential buildings of this proposed size effectively do not exist on the eastern half of Long Island and such approvals are rarely granted, since communities seek to limit both height and density in favor of single family homes, villas, and townhouses in planned horizontal neighborhoods,” says Brian Ezratty, Eastern Consolidated vice chairman.
The site is located on one of the highest elevations on the Island and may be marketed to a number of potential end-users upon completion including senior and assisted living providers and institutional-type users.
The existing plans call for approximately 425,000 square feet of residential living space, pool, tennis court, outdoor common areas, as well as interior community space. Proposed apartment units average 1,600 square feet and each has its own private balcony.
Berkadia originates $6.3M in refinancing for Wash. apartments
Burien, Wash.–Berkadia Commercial Mortgage originated $6,250,000 in fixed-rate debt through its Freddie Mac program to refinance Garden Pointe Apartments in Burien, a suburb of Seattle. The ten year financing has a 30-year amortization and represents 61 percent loan-to-value. The loan closed within 45 days of application.
The 124-unit Garden Point Apartments was built in 1995 and is 96 percent occupied.
Louis Weisman of Berkadia’s Seattle office originated the loan. The borrower was RRR Properties LLC.