TODAY’S DEALS: NorthMarq Capital Arranges $28.64M Sale and $23.599M Financing for 486-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorNew Britain, Conn.–NorthMarq Capital’s Capital Services Group East and NorthMarq Capital’s Miami office recently arranged both the sale of and first mortgage financing for Pebblebrook Apartments (pictured), a 486-unit multifamily property, located in New Britain, Conn. The property was purchased for $28.64 million. The financing of $23.599 million was based…
By Anuradha Kher, Online News EditorNew Britain, Conn.–NorthMarq Capital’s Capital Services Group East and NorthMarq Capital’s Miami office recently arranged both the sale of and first mortgage financing for Pebblebrook Apartments (pictured), a 486-unit multifamily property, located in New Britain, Conn. The property was purchased for $28.64 million. The financing of $23.599 million was based on a 10-year term with a 30-year amortization schedule with one-year interest only. NorthMarq arranged the financing for the borrower through its seller-servicer relationship with Freddie Mac. Arbor Closes $3,442,500 Fannie Mae DUS LoanGreenville, N.C.–Arbor Commercial Funding LLC recently completed funding of a $3,442,500 loan under the Fannie Mae DUS Loan product line for the 72-unit complex known as Melbourne Park 3 Apartments in Greenville, N.C.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.10 percent.
