TODAY’S DEALS: NorthMarq Capital Arranges $98.35M Tax-Exempt Bond Securitization

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NorthMarq arranges a $98.4 million tax-exempt bond securitization for a national bond portfolio; Phoenix Realty Group buys a 220-unit community in Los Angeles for $23 million; and Cassidy Turley brokers the sale of 1.7 acres of land in Phoenix for a student-housing development.

Mariposa at Hunter Road, San Marcos, Texas

Omaha, Neb.–John Reed, senior vice president and senior director of NorthMarq Capital’s Omaha Regional office, and Marty Meagher and Gardiner Champlin, senior vice presidents and managing directors of NorthMarq Capital’s San Diego Regional office, cooperated to arrange a $98.35 million tax-exempt bond securitization for a national bond portfolio owned by TCH I Depositor, LLC.

The portfolio is secured by 11 multifamily properties in 11 markets containing a combined total of 2,210 units. The transaction was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. “Freddie Mac’s TEBS program is an outstanding way for tax-exempt bond managers to leverage their portfolio. The TEBS group at Freddie Mac does an outstanding job understanding their clients and working with NorthMarq to deliver,” states Reed.

Phoenix Realty Group buys 220-unit community in L.A.

Pine Club Apartments

Los Angeles—Phoenix Realty Group has purchased the Pine Club Apartments in eastern Los Angeles. The 220-unit property carried a price tag of $23 million. Residents enjoy easy access to downtown Los Angeles thanks to the community’s close proximity to Interstate 10 and the Metrolink commuter rail station.

“We have a strong outlook for the Southern California rental markets in and around the greater Los Angeles area,” says Edward Ratinoff, managing director and head of national acquisitions at Phoenix Realty Group. “In the past year we have made several opportune investments in the region, acquiring nine communities representing more than 1,700 apartments that are affordable to middle-income residents.”

Community amenities at the Pine Club Apartments include a pool, spa, tennis courts, fitness center, and picnic areas. The property had an existing Fannie Mae adjustable loan that was converted at closing to a fixed-rate mortgage for seven years at 4.5 percent. Phoenix plans to invest $1 million into the community over the next six months to update existing amenities and improve operations.

Cassidy Turley brokers sale of future student housing site in Phoenix

Phoenix—Cassidy Turley BRE Commercial has negotiated the sale of 1.7 acres of land in Phoenix to Core Campus Communities for $4.75 million. The site will be developed with a 200-unit student housing community and 24,000 square feet of retail. Logan Tempe LLC was the seller.

The plot, located just south of Sun Devil Stadium, is within walking distance to Arizona State University. It is also adjacent to the METRO Light Rail system stop at the corner of Veterans Way and College Avenue.

Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley BRE Commercial’s Land Group executed the sale on behalf of the seller.

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