TODAY’S DEALS: NorthMarq Secures $12M Refinance for Oregon Multifamily Asset
NorthMarq arranges a $12 million refinance for a 207-unit asset; Hamilton Zanze buys a Las Vegas apartment community; and Hybrid Capital arranges $8.5 million in financing for 80 units in Brooklyn, N.Y.
Beaverton, Ore.—Bob Spiro, senior vice president/managing director of NorthMarq Capital’s Seattle based regional office, has arranged refinancing worth $12 million for Quatama Village, a 207-unit multifamily property located at 380 NW Gina Way in Beaverton, Ore. The transaction was structured with a 10-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.
“This was a refinance of a 207-unit garden style apartment complex,” says Spiro. “The borrower did a six month forward with Freddie Mac which allowed him to secure a lower rate and not incur any prepayment penalty from the existing agency loan.”
Hamilton Zanze buys Las Vegas apartments
Las Vegas—Hamilton Zanze has acquired Oasis Crossing Apartments in Las Vegas for $7.4 million. The San Francisco-based firm picked up seven multifamily assets in the last 12 months for a combined $131 million.
Oasis Crossings is a 72-unit, Class B community that was built in 1996. It is located in Summerlin/The Lakes submarket. The new owner has plans for a value-add program that will include capital improvements, expense reduction and new property management via Mission Rock Residential.
“Las Vegas is a target acquisition market for us, and we are looking forward to completing our interior value-add program on this well-located, high-quality asset,” says HZ acquisitions director David Nelson.
Hybrid Capital arranges $8.5M financing for Brooklyn, N.Y. residential buildings
New York–Hybrid Capital, a New York-based full-service commercial mortgage and advisory firm, arranged $8.5 million in permanent financing for two attached four-story residential buildings in the Sunset Park neighborhood of Brooklyn. The announcement was made by Bobby Bakhchi, CEO of Hybrid Capital. Constructed in 1917, the 100 percent occupied buildings contain 80 residential units.
According to Bakhchi, “The property was financed approximately two years ago, however the owner wanted to capitalize on the opportunity to refinance at the current lower interest rates. We positioned the property as having long-term upside potential through capital improvements to the stabilized units as they become vacant, to bring the rents up to market rates. Opportunities are extending further out into Brooklyn as strong demand for multifamily continues to attract interest from investors and capital sources.”
The 12-year loan was arranged at 3.6 percent on behalf of a private owner. Over the past three years, Hybrid Capital has arranged financing for transactions valued in excess of $1.5 billion.