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 acquisition financing of The Martha Washington. The 104-unit affordable senior housing property is located in Chicago, Illinois.
The transaction was structured with an FHA 223(f) fully amortizing 35-year term loan. Northmarq arranged the permanent-fixed loan for the borrower through its in-house FHA/HUD team.
The Martha Washington is an affordable housing community for seniors located in the North Center neighborhood. The property is extremely well maintained and provides wonderful living experiences for the residents.