NorthMarq Capital’s Brett Hood arranges construction take-out financing of $9,295,000 for multifamily in Chicago, Illinois
CHICAGO (May 2, 2018) – Brett Hood, senior vice president of NorthMarq Capital’s Chicago regional office, arranged construction take-out financing of $9,295,000 for 851 West Grand Apartments, a well-appointed, mid-rise multifamily building encompassing 36-units located in Chicago’s River West neighborhood. Transaction highlights include a 7-year term, full-term interest-only and prepayable at one percent after the first year. NorthMarq arranged financing for the borrower through Freddie Mac’s ARM program. “The transit-orientated development benefits from its proximity and accessibility to downtown sitting one block from a Blue line “L” stop and one mile northwest of the “Loop” business district,” explained Hood. “Loan proceeds were utilized to retire the existing construction financing with a substantial equity recapture. Transaction challenges overcame included limited operation history, funding based upon trailing one month collection and a recognized environmental concern that had been remediated but lacked a No Furth Action letter from the Illinois EPA.”
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.