TODAY’S DEALS: NorthMarq Capital Arranges $51.4M Mortgage 531-Unit Rental Community, and Other Transactions

By Anuradha Kher, Online News EditorBethesda, Md.–NorthMarq Capital’s Washington, D.C. office has arranged first mortgage financing of $51.4 million for Columbia Town Center, a 531-unit multifamily property (pictured), located in Columbia, Md. Financing was based on a 10-year term with four-year interest only followed by a 30-year amortization schedule and was arranged for the borrower, a fund controlled by ING Clarion Partners, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.  Love Funding Arranges $10M Equity for 10 Memory Care FacilitiesChicago–Love Funding recently arranged a $10 million equity placement for the development of 10 memory care facilities in Illinois. Love Funding represented Tricom Development LLC and its operator, Senescent Healthcare of Illinois, in their search for an equity partner. Tricom/Senescent is comprised of three very experienced Illinois assisted living developer/operators: Steve Lirtzman and Steve Kaufman, known for their work in developing the Grand Victorian properties, and Doug Ellison, formerly of the Wilkinson Corporation. Tricom/Senescent will use the equity funding arranged by Love Funding to develop up to 10 assisted living facilities devoted to the care of memory impaired residents.Tricom/Senescent recently closed a construction loan for the first of the 10 facilities. This facility is under construction in Loves Park, Ill. and will feature 40 units. The companies are planning to close on a construction loan for a second facility in Sycamore, Ill. in June.