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MINOT, N.D.; AND PAPILLION, NEB. — NorthMarq Capital has secured a total of $6.12 million in financing for two apartment communities. In the first deal, John Reed of the firm's Omaha, Neb., office secured a $5.27 million first mortgage for Elk Pointe Apartments, a 72-unit community located at 2700-2720 20th. Ave. in Minot. The loan carries a 35-year, fully-amortizing term. The lender was AmeriSphere Mortgage Finance.
In the second deal, Reed arranged an $850,000 loan for Papillion Heights Apartments, a 48-unit community located at 105-107 W. Gold Coast Road in Papillion. The loan carries a 10-year term and a 20-year amortization schedule. The lender was Ohio National Life Insurance Company. The borrowers in both deals were not disclosed.