NorthMarq Capital’s Chicago regional office has arranged first mortgage financing of $8.1 million for Edenbridge Apartments, a 309-unit mid-rise, garden and townhouse multifamily property, located in Tinley Park, Ill.
Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Edenbridge LLC, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
According to NorthMarq, the borrower chose to prepay existing mortgage to lower the interest rate and secure long-term fixed-rate debt at very attractive interest rate of approximately 5.5 percent.
Alliant Arranges $7M for Acquisition of 186-Unit Manufactured Housing Community
Enumclaw, Wash.--Alliant Capital LLC has arranged the $7 million acquisition of Mountain Meadows, a 186-unit manufactured housing community in Enumclaw, Wash.
The deal, closed on behalf of The Desimone Family Irrevocable Trust, includes a 10-year term with three years interest-only, yield maintenance of nine and a half years and a 30-year amortization.
The manufactured housing market of the Enumclaw area exhibits strong occupancy levels and shows an upward trend in rental rates. Absorption remains favorable and long-term projections show continued growth and effective rental increases.
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