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BETHELEHEM, PA-In a complicated transaction involving two sellers of two very different multifamily properties here, the unidentified buyer, who had to close within 60 days of contract execution, raised $26.6 million in debt/equity financing. The combined funding covered 96.5% of the total acquisition cost.

Martin Klebanoff, SVP and managing director of the Parsippany, NJ-based Northern New Jersey regional office of NorthMarq Capital Inc., arranged the financing through Fannie Mae. It consists of two first mortgages of approximately $17.3 million and $4.4 million, plus a joint-venture equity investment of close to $5 million.

Financing is based on a 10-year term with a 30-year amortization schedule. The interest rate is undisclosed. “All parties worked extremely hard and diligently to bring this deal to fruition,” says Klebanoff.

The properties are the Sherwood East & West, Town & Country complex on Johnston Drive and the nearby Winding Woods property. Both are two-story, townhouse-style complexes. Together, they have an aggregate of 422 units. The Sherwood complex contains one-, two-, and three-bedroom units with rental rates ranging from $674 to $980 a month. Winding Woods has one- and two-bedroom units with rates ranging from $585 to $730 a month.

The Parsippany office is one of 28 regional US offices of Minneapolis-based NorthMarq, which provides more than $8 billion a year in debt and equity financing and services a loan portfolio of more than $23 billion.

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