NorthMarq Capital arranged $32.963 million mortgage for Landings at Amhurst Lake in Waukegan, Illinois
Landings at Amhurst Lake
CHICAGO (July 15, 2013) – Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago regional office, arranged first mortgage refinancing of $32.963 million for Landings at Amhurst Lake, a 340-unit, market-rate multifamily community located at 1375 S. White Oak Drive in Waukegan, Illinois. Financing was based on a 10-year term with 3 years interest only, thereafter a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Northern Crossing JV, LLC, through its seller-servicer relationship with Freddie Mac. “The borrower was able to secure long-term debt at 3.63% interest, with an Early Rate Lock execution prior to the recent jump in rates. Timing is everything,” Blumberg said. “This long-time loyal Freddie Mac borrower received the best pricing in the market for this Class A property. They have achieved best-in-class rent growth in a very timely market.”
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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.
