Northmarq’s Chicago office arranges $2,179,800 refinance of Illinois Bone and Joint Institute

Illinois Bone and Joint Institute

Debt & Equity

Single-Tenant

CHICAGO (Jan. 3, 2023) — Erik Kunz, vice president of Northmarq’s Chicago debt and equity team, finalized a $2,179,800 permanent-fixed loan for the Illinois Bone and Joint Institute. The 7,894 sq. ft. medical office space is located at 1034 Warren Avenue in Downers Grove, Illinois.

The transaction was structured on a 10-year term with a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.

“Local banks presented very competitive offers, but our correspondent life company had the ability to lock rate immediately and ultimately won the deal,” said Kunz. “This turned out to be very beneficial due to the current higher interest rate environment that followed.”

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About Northmarq

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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.