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.”
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