Northmarq’s Chicago Debt + Equity team facilitates $12.5M refinance of Edgewater Walk Apartments
Tinley Park, IL. — Northmarq’s Chicago Debt + Equity team led by Managing Director Brett Hood secured $12.489 million in financing for Edgewater Walk Apartments, a 192-unit multifamily community located at 16717 Gentry Ln in Tinley Park, Illinois.
Northmarq arranged the financing on behalf of the borrower, Austin Highland Development, through the firm’s in-house Fannie Mae DUS platform. The transaction features a seven-year term with partial interest-only payments.
Edgewater Walk is a garden-style workforce housing community that is currently 96.4% occupied. Built in 1978 across nine three-story brick buildings, the property offers one- and two-bedroom floorplans with open kitchens and spacious living areas. Amenities include on-site laundry, resident storage, a landscaped courtyard, and access to a private spring-fed lake and beach.
The property resides in the Southwest Cook County submarket, about 30 miles southwest of Chicago’s Central Business District, with easy access to Interstates 80, 57, and 355. The sponsor, Austin Highland Development, is a Chicago-based owner/operator founded in 1968. It has a 1,486-unit suburban portfolio and has owned the property for more than 30 years. Strong occupancy and stable operations, combined with the sponsor's local expertise and history as a repeat agency borrower, enabled a smooth execution through Fannie Mae.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
