Northmarq’s Chicago office arranges refinancing of $14.3 million for Crestmont Apartments in Bloomington, Indiana

Affordable Housing Community
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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 one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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