TODAY’S DEALS: NorthMarq Capital Arranges $31M, 7-Year Mortgage
NorthMarq Capital arranges a Freddie Mac mortgage; Red Mortgage Capital LLC closed on a refinancing; and Chozick Realty brokered the sale of student housing.
Tuscaloosa, Ala.–Bruce Foster, senior vice president and managing director of NorthMarq Capital’s Atlanta Regional office, arranged first mortgage financing of $31 million for Woodlands of Tuscaloosa, Ala.
Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower, Woodlands of Tuscaloosa Phase I, LLC, by NorthMarq through its Seller-Servicer relationship with Freddie Mac.
Located at 100 Hargrove Road East in Tuscaloosa, Ala. the 204-unit student housing complex is comprised of 708 beds.
RED closes $10.4M refinancing for Ohio Apartments
Dublin, Ohio–Red Mortgage Capital LLC, the mortgage banking arm of RED Capital Group, closed on and will service a $10,413,800 refinancing for Tuttle’s Gove Apartments Phase I in Dublin, Ohio.
The 20-building, 222-uuit market rate complex was built in 1995 with financing by Red Mortgage Capital LLC under FHA’s Section 221(d)(4) mortgage insurance program. The property was refinanced in 2003 to take advantage of lower interest rates through the FHA Section 223(a)(7) insurance program, and due to even more favorable market conditions in 2010, was refinanced again to a lower rate.
Tuttle’s Grove includes a heated swimming pool, whirlpool/spa, tennis courts, clubhouse, fitness center, extra storage and gated entrance. The project is sponsored by Columbus-based Kontogiannis & Associates through its subsidiary, Colonial American Development Corportation.
Chozick Realty brokers 63-unit apartment near Central Connecticut State Univ.
New Britain, Conn.—The Hartford office of Chozick Realty has brokered the sale of Campus View Apartments, located at 1300-1412 East St. for $4,300,000. The 63-unit property was marketed for 1300 East Street Holdings LLC and sold to Campusview Apts LLC, a regional owner of multifamily property. Rick Chozick and Steve Pappas arranged the sale.
The student occupied residential property is located at the entrance to Central Connecticut State University. The apartments are primarily comprised of two-bedroom apartments that serve three students. Campus View Apartments were constructed in 1970 and remodeled approximately ten years ago. Updates included bedroom privacy dividers, washers/driers in each apartment and high speed Internet and cable television included in the rental structure.