Northmarq’s Chicago office arranges $16.025M refinance for Deer Creek Run Apartments

Chicago, Ill. (Sept. 22, 2023) - Brett Hood, managing director in Northmarq’s Chicago Debt + Equity office, secured the $16,025,000 refinance of Deer Creek Run, a 112-unit multifamily property located  in New Berlin, Wisconsin. 

Northmarq arranged the financing through Fannie Mae on behalf its in-house DUS platform. The property was mission-rich with 62.5% of units at 80% AMI. The transaction was structured on a 10-year interest only term, utilizing a 35-year amortization schedule for the minimum DSCR to maximize loan proceeds. The borrower elected the streamlined early lock feature which allowed them to fully rate lock at loan application. 

Deer Creek Run is located in the city of New Berlin, Wisconsin. The popular Milwaukee suburb is located only 14 miles west of the Milwaukee CBD. The community is within the Milwaukee metro area, with a sizable city-working commuter base. The low cost of living, diverse economic base, and access to numerous cultural/travel destinations makes Milwaukee an attractive alternative to other Midwest cities, like Chicago.

Commenities include: Fitness center, swimming pool, package service, media/movie theater, clubhouse and on-site property management. Apartment amenities include: Vaulted ceilings, walk-in closets, private balcony/patio, washer/dryer and garage parking space.