NorthMarq Capital arranged $32.963 million mortgage for Landings at Amhurst Lake in Waukegan, Illinois

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.”