Santa Clara, Calif.–Jeffrey Weidell, executive vice president and managing director of NorthMarq Capital’s San Francisco Regional office, arranged first mortgage financing of $55 million for Orchard Glen, a 340-unit multifamily property located at 101 Saratoga Avenue in Santa Clara, Calif.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Orchard Glen Apartments, a California limited partnership, by NorthMarq through its correspondent relationship with Hartford Life Insurance Company.
Weidell says the transaction is a refinance following a major internal upgrade of the units to include high-end counters and cabinetry.
Johnson Capital arranges $50M loan for San Francisco community
San Francisco—Johnson Capital has arranged $50 million in financing secured by South Beach Marina Apartments, a 414-unit community in downtown San Francisco that is owned by a pension fund. The non-recourse, fixed-rate debt has a 10-year term and is being used to refinance tax-exempt bonds. Principal Life Insurance provided the loan.
“There were several aspects of the financing we had to include to make it work for the parties,” says Brent Lister, senior vice president at Johnson Capital’s Los Angeles office. “First, we were able to structure a 10-year loan at a fixed rate, thereby lowering the borrower’s interest rate by over one and a half percent, and we got interest-only payments, which provided additional cash flow to the borrower.”
The South Beach Marina Apartments consists of two 14-story waterside towers that were built in 1984. Community amenities include a 50-foot swimming pool with spa and landscaped sun deck, two lighted tennis courts, and a fitness center.
Newcastle Limited grabs two Chicago properties
Chicago—Newcastle Limited has acquired two properties in Chicago in an all-cash deal totaling $9.1 million. The communities were purchased through the group’s $500 million Chicago real estate investment platform.
“With the demand for rental units growing stronger, we are pleased to continue to find quality apartment properties to add to our investment portfolio,” says Michael Haney, president and chief executive officer of Newcastle Limited. “Both properties have good locations, established area amenities and features that appeal to area renters.”
525 West Stratford is a 59-unit building with a mix of studio, one- and two-bedroom apartments. The property is located in the Lakeview neighborhood and has parking and close proximity to public transportation and the lakefront.
1200 West Granville is a mixed-use property with 32 studio units and 6,750 square feet of retail space. The property is located in the Edgewater neighborhood close to Loyola University and the Chicago Transportation Authority’s Granville station.
Newcastle has plans to upgrade unit interiors, common areas and curb appeal at both properties.