NorthMarq Capital arranges $93 million refinance of Columbus Plaza in Chicago via Fannie Mae’s Green Program

CHICAGO (January 4, 2018) – Sue Blumberg, senior vice president/managing director of NorthMarq Capital’s Chicago regional office, has finalized the $93 million refinance of Columbus Plaza, a 533-unit multifamily property in downtown Chicago owned by an entity controlled by The Habitat Company. The transaction was structured with a seven-year interest-only term. NorthMarq arranged financing for Habitat through Fannie Mae’s Green Program. “Habitat wisely chose the Fannie Mae Green Program as an opportunity to secure a below-market interest rate while upgrading the property to an even more efficient operation by reducing energy and water costs,” said Blumberg. “This property is fully occupied, well-run, well-maintained and perfectly located in the downtown apartment market.” Property upgrades for Columbus Plaza will include extensive work in the lobby and outdoor amenity spaces, including a complete renovation and expansion of the building’s deck and grilling stations. Additionally, low-flow appliances will be added to reduce water consumption and improve energy efficiencies. “Refinancing Columbus Plaza has made it possible for us to further enhance the living experience and sense of community for residents,” said Bryan Sullivan, vice president of acquisitions and investment at The Habitat Company. “An ongoing commitment to updating and preserving our assets for the long-term shows residents we’re committed to them and this property. It also provides an opportunity for us to ensure older buildings remain competitive in Chicago’s heated apartment market by offering the same level of high-end features that newer buildings do.”