|
1/14/10
|
NORTHMARQ CAPITAL -- Ory Schwartz and David Blum of NorthMarq Capital arranged $27.13 mil in first mortgage financing for a six-building apartment portfolio (542 units total) collectively known as The Terraces, located in Rancho Cucamonga. Financing was based on a 10-year term with a 30-year amortization schedule, and was funded through NorthMarq’s affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. This was a cash-out refinance in a Fannie Mae “Pre-Review” market.
HOLLIDAY FENOGLIO FOWLER -- HFF (Holliday Fenoglio Fowler, L.P.) placed a $24 mil loan with Freddie Mac for City Pointe Apartments, a 183-unit, Class A multi-housing property in Fullerton. City Pointe Apartments is located at 130 East Chapman Ave, near the Riverside and Orange Freeways, approximately 23 miles southeast of Los Angeles. Completed in 2004, the property consists of five stories of residential units, averaging 875 sf each, situated above ground-floor commercial/retail space and a parking garage. The residential portion of the property is 95% leased. Community amenities for residents include a fitness center, pool, media room, business center and community center.
HFF’s Dana Brome and Carlos Febres-Mazzei secured the loan through Freddie’s Capped ARM Program on behalf of the borrower, Cornerstone Real Estate Advisors. The five-year adjustable-rate financing is repaying an existing loan with Cigna Investments also arranged by HFF in 2004. Cornerstone Real Estate Advisers is a national commercial real estate advisor with more than $9.5 billion of assets under management.
NEWMARK REALTY CAPITAL -- Newmark Realty Capital Inc arranged $3.8 mil in for Rosauers Plaza, located in the South Hill area of Spokane, WA. The security for the loan includes both Rosauers Plaza and Hastings Plaza, which contain a combined 120k sf of retail space. The two adjacent retail centers are located on almost 10 acres along 29th Ave, a main arterial through the South Hill area. The land was developed in several phases by the owner’s family beginning in 1978.
Newmark’s Demetri Koston secured non-recourse financing for the owners with one of Newmark’s correspondent life insurance companies. The interest rate for the loan was fixed for a period of 15 years, and is amortized over a 15 year period. Additional loan terms were not disclosed.
|
|
Return to the Archive page
|
|
|
|
|