TODAY’S DEALS: NorthMarq Closes Texas Construction Loan
NorthMarq arranges $10.5 million for a Texas asset; Berkeley Point Capital refinances an assisted living property in Portland, Ore.; and Stepp Commercial completes a $2.5 million sale in Long Beach, Calif.
Ingleside, Texas—NorthMarq Capital’s New York Metro regional office has closed a small market construction loan worth $10.5 million for Seaside Landing Apartments, a 120-unit multifamily property located at Highway 361 and Main Street in Ingleside, Texas.
The deal was structured with a five-year term and 30-year amortization schedule. Elliot Auerbacher, vice president at NorthMarq Capital, originated the loan, which was placed with national bank.
Berkeley Point Capital arranges senior housing refinancing
Portland, Ore.—Berkeley Point Capital has closed an $8.2 million FHA 232/223f loan for St. Anthony Village, a 127-unit independent living, assisted living and memory care community located in Portland, Ore. The loan reduced the borrower’s interest rate by approximately 50 percent.
The asset is managed by Services for All Generations Enterprises (SAGE) and is located about five miles from Portland’s CBD. Doug Harper, a directory at Berkeley Point Capital, led the team on the transaction.
Stepp Commercial Completes $2.5M sale in Long Beach
Long Beach, Calif.—Stepp Commercial has brokered the $2.53 million sale of a 20-unit apartment property located at 425 Lime Ave. within the East Village Arts District in Long Beach, Calif. The firm represented both the buyer, NNC Apartment Venture, and the seller, a private investor from Palos Verdes, Calif.
Built in 1973, 425 Lime Avenue features 15 one-bedroom units and five studio units. The majority of the units offer balconies or patios.