TODAY’S DEALS: NorthMarq Closes $32.6M for Kansas Community
NorthMarq arranges refinancing for a 298-unit asset; Hunt provides two Fannie Mae loans in Wisconsin; and iStar Atlanta condo sales hit $12 million in the first quarter.
Overland Park, Kan.—NorthMarq Capital’s Kansas City office has arranged $32.6 million in acquisition financing for the purchase of Corbin Crossing, a 298-unit community located at 6801 W. 138th Terrace in Overland Park, Kan. The loan was structured with a seven-year term with two-years interest only followed by a 30-year amortization schedule.
Greg Duvall, senior vice president/managing director at NorthMarq, arranged the financing, which was placed though Freddie Mac.
Hunt refinances two Wisconsin properties
Sharon, Wisc.—Hunt Mortgage Group has provided two Fannie Mae loans to refinance two Wisconsin properties. Prairie Landing, a 150-unit asset in Sharon, Wisc., received a $3 million loan. The 1973-built asset features 26 two-story buildings. The borrower, Prairie Landings LLC, acquired the property in late 2013. The loan terms include a 10-year term, two years interest only followed by 30 year amortization period and a 9.5 year yield maintenance period.
Arrowhead Apartments and Townhomes, a 246-unit asset located in La Crosse, Wisc., landed a $8.8 million loan. Terms include a 10-year term, 30-year amortization period and a 9.5 year yield maintenance period. The borrower, Arrowhead Village and Townhouses LLC, acquired the property in February, 2005.
iStar’s sales of condo residences in Atlanta hit $12M in Q1
Atlanta—iStar Residential, a division of iStar Financial Inc., secured $12 million in sales in the first quarter of 2015 at The Residences at Mandarin Oriental, Atlanta. This brings the total number of sales to nearly $28 million in 14 months at the exclusive luxury condominium building. Three units closed during the first quarter of this year, and three additional contracts are scheduled to close before May for more than $6 million dollars.
Out of the limited inventory available, iStar plans to leave six units as shells for discerning homebuyers seeking a fully customized home.
Karen Rodriguez, the exclusive listing broker for the project, has been credited for the substantial rise in sales at The Residences at Mandarin Oriental, Atlanta. Her team has created an entirely new sales campaign, messaging and product offering, in addition to working to facilitate signature on-site events with residents and guests.