Northmarq’s Chicago office arranges refinancing of $14.3 million for Crestmont Apartments in Bloomington, Indiana
CHICAGO, ILLINOIS (March 25, 2022) – Sue Blumberg, senior vice president/managing director and Kevin McCarthy, senior vice president of Northmarq’s Chicago office, collaborated to arrange the $14.3 million permanent fixed-rate loan of Crestmont Apartments. The 196-unit affordable multifamily property is located in Bloomington, Indiana. Northmarq provided a Freddie Mac Forward Rate Lock Tax-Exempt Loan (“TEL”) for upgrades to the affordable housing community.
The TEL financing was a permanent loan with a 36-month rate lock, 35-year amortization, and a loan-to-value ratio of 90%.
"Freddie Mac and Northmarq were able to provide a forward rate lock on permanent financing allowing Bloomington Housing Authority and construction partners to complete the renovation of Phase II of Crestmont Apartments. The community is well deserving of the upgrades and will provide long-term quality housing for all the residents,” said Blumberg.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
