Multifamily - Debt

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.