PHOENIX-NorthMarq has arranged acquisition financing of $22,068,000 for Mountain Park Ranch Apartments. The class-A property consists of 240 multifamily units in 17 two-story residential buildings.
Luke Donahue and John Kinser of the firm's local regional office arranged the financing on behalf of Tuscan Townhomes LLC. Financing was based on a 10-year term with two years interest only, followed by a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through its seller-servicer relationship with Freddie Mac.
As GlobeSt.com previously reported exclusively, earlier this month Charlie Robinson of NorthMarq represented Macfarlan Capital Partners in in sourcing debt financing for the acquisition of Tech Center I, a multi-tenant, 111,788-square-foot suburban office building in Colorado Springs, CO, from an undisclosed seller for $11 million. At the time of sale, the building was 100% leased to Intelligent Software Solutions, whichis using the building as its corporate headquarters; Northrop Grumman; and United Healthcare. Michael Palmer of Quantum Commercial in Colorado Springs and Scot Farber of Cushman & Wakefield in Dallas represented the seller in the transaction.
Also, as GlobeSt.com reported earlier this week, strong employment gains and fierce competition for single-family homes has fueled demand for rental properties here that will persist well into the new year, according to a fourth-quarter apartment market report by Marcus & Millichap. Companies are hiring at a brisk pace, causing the unemployment rate to fall to 7.4%, a 120-basis point improvement from the beginning of the year.
The report shows a 2.9% increase in total employment, with more than 50,000 new jobs created this year and 28,600 positions added to the metro. As a result, median household income here increased by 4% during the last year, and some households are putting their homes up for sale in a manner not seen since before the recession.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
