TODAY’S DEALS: NorthMarq Capital Arranges Over $18M in First Mortgage Financing for 308-Unit Rental Community, and Other Transactions

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By Anuradha Kher, Online News EditorWebster, N.Y.–NorthMarq Capital recently arranged first mortgage financing in the amount of $18.08 million for Webster Manor Apartments (pictured), a 308-unit multifamily complex, located in Webster, New York.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate,…

By Anuradha Kher, Online News EditorWebster, N.Y.–NorthMarq Capital recently arranged first mortgage financing in the amount of $18.08 million for Webster Manor Apartments (pictured), a 308-unit multifamily complex, located in Webster, New York.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. According to NorthMarq, this permanent financing enabled the client to achieve a return of invested equity following improvements and rent increases to this property. Hendricks & Partners Arranges Sale of 40-Unit Property for Over $7MNorth Hollywood, Calif.–Hendricks & Partners recently arranged the sale of Otsego Villas, located at 11109 Otsego St. in North Hollywood (NoHo Arts District), Calif., for $7.7 million. The 40-unit apartment community is non-rent-controlled.PNC ARCS Completes $5M Loan for Seniors Housing CommunityRiverside, Calif.–PNC ARCS recently completed a loan in the amount of $5 million for the Creekside Senior Apartments, a 152-unit senior housing property in Riverside, Calif.Built in 1991, Creekside Senior Apartments is a garden-style community comprised of 19 one-story buildings sprawled over seven acres of land. The facility is restricted to those 55 years of age or older. Common amenities include a swimming pool, spa, laundry room (four washers, four dryers), barbeque area, clubhouse, as well as secured parking and entry. The loan was for a 10-year term/30-year amortization at a fixed rate of 6.2 percent.

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