TODAY’S DEALS: NorthMarq Capital Arranges $13.11M Mortgage for 240-Unit Rental Property, and Other Transactions

By Anuradha Kher, Online News EditorChapel Hill, N.C.–NorthMarq Capital recently arranged first mortgage financing of $13.11 million for The Pointe at Chapel Hill, a 240-unit multifamily complex, located in Chapel Hill, N.C. Financing was based on a five-year interest-only term and was arranged for the borrower, a Chicago-based apartment owner and manager, by NorthMarq through…

By Anuradha Kher, Online News EditorChapel Hill, N.C.–NorthMarq Capital recently arranged first mortgage financing of $13.11 million for The Pointe at Chapel Hill, a 240-unit multifamily complex, located in Chapel Hill, N.C. Financing was based on a five-year interest-only term and was arranged for the borrower, a Chicago-based apartment owner and manager, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.Love Funding Closes $5.56M Loan for 40-Bed Assisted Living Property  Leesburg, Va.–Love Funding recently utilized LEAN processing to close a $5,560,000 refinance loan for Meadow Glen of Leesburg, a 40-bed assisted living facility located in Leesburg, Va. This transaction is the second deal Love Funding has processed through HUD’s new LEAN program, and one of only a handful of deals nationwide that have been secured through LEAN processing.  Love Funding was able to utilize the HUD 232(f) loan program to assist the borrower in refinancing the property, which sits on 3.2 acres. The 27,716-sq.-ft. building was originally constructed in 1834 as a farmhouse, and the main facility was added in 2001. Terms of the 35-year fully amortizing, non-recourse loan include a 5.8 percent fixed interest rate with a loan-to-value ratio of 80 percent and a Debt Service Coverage of 1.62.

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