NorthMarq Capital’s Chicago office arranges $8,000,000 cash out refinance of Emerald Pointe Apartments in Vernon Hills, Illinois
CHICAGO (October 11, 2018) – Brett Hood, senior vice president of NorthMarq Capital’s Chicago regional office, arranged cash out financing of $8,000,000 for Emerald Pointe Apartments, a 120-unit multifamily property located at 695 Westmoreland Drive in Vernon Hills, Illinois. “The property resides 35 miles north of the Chicago CBD within an affluent suburban community enjoying nationally recognized schools, immediate access to world-class jobs and an abundant amount of entertainment and retail options,” said Hood.
The permanent fixed rate loan featured a 7-year term with interest-only payments throughout. The loan structure included a waiver of the carveout guarantor, waiver of escrows, with a par prepayment structure during the last 2-years. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae.
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