NorthMarq Refinances Five Bruno Apartment Communities
- Feb 16, 2015
NorthMarq Capital’s Miami office has arranged refinancing for a New Orleans multifamily portfolio owned by Bruno Inc. through its affiliation with a Fannie Mae DUS lender, the company announced. The deal was structured with a 10-year term and a 20-year amortization schedule. According to Canal Street Beat, the non-recourse deal is worth well over $20 million. The portfolio includes Washington Place Apartments, Liberty Park Apartments, Forest Park Apartments, Riverview Apartments and Cypress Park Apartments. All feature remote-access gated parking, CCTV cameras and on-site maintenance and are managed through MetroWide Apartments.
The 65-unit Cypress Park Apartments comprises one- and two-bedroom apartments and two-bedroom luxury townhomes. Cypress Park has recently been upgraded with new custom floors, granite countertops and new appliances and is hurricane resistant.
Located in Kenner, La.’s Historic Rivertown, in the Greater New Orleans area, the three-story Riverview Apartments comprises 45 artist lofts. The hurricane-resistant riverfront community features landscaped courtyards; an outdoor entertainment area complete with barbecue; tennis courts and outdoor activity areas for basketball, bocce ball, tetherball and horseshoes; as well as a laundry facility.
The 25-unit Washington Place Apartments, the 20-unit Forest Park Apartments and the 10-unit Liberty Park Apartments are all adjacent to Uptown New Orleans.
Forest Park comprises one-bedroom luxury lofts complete with energy-efficient appliances and walk-in closets, and amenities such as foos ball and pool tables. The community is in close proximity to public transport and boats a Walk Score of 75.
Washington Place features one-bedroom studios apartments complete with separate kitchen/dining areas and energy-efficient appliances and fixtures. The recently renovated community is hurricane resistant. Liberty Park was recently renovated and offers two-bedroom lofts, landscaped grounds, pool tables and foos ball, and is in close proximity to mass-transit.
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Image credits: Riverview Apartments and Forest Park Apartments