Northmarq arranges sale and financing of multifamily property in St. Charles, Illinois

Haven St. Charles includes a large “Mission Driven” component of units

ST. LOUIS (June 25, 2021) – Parker Stewart, managing director, Dominic Martinez  associate vice president and Alex Malzone, senior associate in Northmarq’s St. Louis investment sales office, secured the sale of Haven St. Charles. The 71-unit (built in 1974) multifamily property is located at 1909 Oak Street in St. Charles, Illinois. NorthMarq represented the seller, Chicago based Tricap Residential. Evergreen Real Estate Group, also out of Chicago, was the purchaser. 

Current ownership has spent roughly $1.5 million in capital improvements over the last few years upgrading the apartment community which was 97% occupied at the time of the sale. The property is located along the Fox River Valley near major employers such as J.P. Morgan, Aldi Corporate HQ, Rush-Copley Medical Center, & Navistar International.   

“The strong location, occupancy, and lack of deferred maintenance for a 1970’s vintage asset made this an attractive opportunity to a large number of local and regional buyers,” said Stewart. “Ownership did an exceptional job executing on full interior renovations and stabilizing the revenue stream to offer a true ‘turn-key' operation for the buyer that will generate a favorable return immediately.”

NorthMarq’s Chicago debt/equity team of Kevin McCarthy, Brett Hood and Sue Blumberg secured financing for the property through the company’s status as a Freddie Mac Optigo lender. “The sponsor is a repeat Freddie Mac bower, primarily through their Target Affordable Housing (TAH) loan products,” said McCarthy. “The property has a sizeable “Mission Driven” component and Freddie Mac offered maximum proceeds.”