CHICAGO (September 16, 2013) – Jeff Frankel, senior vice president and senior director of NorthMarq’s Chicago regional office, and Charlie Robinson, senior vice president and senior director of NorthMarq’s Dallas regional office, arranged first mortgage refinancing of $3.8 million for 632 Hinman Avenue in Evanston, Illinois. The property contains 28 multifamily units along with 4 separately owned condominium units. Financing was based on a 7-year term with 1-year interest only then a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “The lender was comfortable with the strength of the borrower and the location of the property to finance a broken condominium development,” Frankel said. “The borrower acquired 28 units of a 32-unit redevelopment, with the other 4 units having been sold off by the prior developer. The 28 units were taken back by the lender and converted to rental apartments. Of the 28 units, 22 units were fully renovated (21 rented at closing) and the balance of the units were partially completed. The borrower projected to finish the interiors of the remaining units within 90 days of closing and have them rented by 4th quarter 2013.”
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