Northmarq’s Chicago office facilitates $60M in acquisition financing for The Element Apartments

CHICAGO — Brett Hood, managing director in Northmarq’s Chicago Debt + Equity office, secured $60.765 million in acquisition financing for The Element, a 509-unit apartment community located in Mount Prospect, Illinois.

The loan was arranged on behalf of Bender Companies through Northmarq’s Fannie Mae DUS platform and features a seven-year term with partial interest-only payments.

“The Element’s strong operations and recent improvements reflect the stability of the Mount Prospect submarket,” said Hood. “These strengths, along with Bender Companies’ experience, supported an efficient execution through the Fannie Mae DUS program.”

The Element is a garden-style community in Mount Prospect, one of suburban Chicago’s most consistently performing rental corridors, and offers a mix of one-, two- and three-bedroom floor plans with upgraded kitchens, vinyl plank flooring, walk-in closets, and private patios or balconies.

Residents enjoy a swimming pool, renovated fitness center and clubhouse, along with direct access to Interstate 90, Interstate 294, O’Hare International Airport, and multiple Metra stations, supporting strong connectivity to major employment centers across the Chicago metro. Mount Prospect continues to experience steady renter demand driven by top rated schools, established neighborhoods and a diverse employer base.