Multifamily - Debt

NorthMarq’s Chicago office arranges acquisition financing of $14,512,000 Lexington Green & Villa Capri in Speedway, Indiana

CHICAGO, ILLINOIS (November 19, 2020) –  Brett Hood, senior vice president/senior director of NorthMarq’s Chicago office arranged acquisition financing of $14,512,000 for Lexington Green & Villa Capri. The Mission Driven property contains 237 units and is located in Speedway (Indianapolis MSA), Indiana. The transaction was structured with a 10-year fixed-rate term with 3-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its status as a Freddie Mac Optigo lender. 

The 1966 vintage property was partially renovated by the seller and the sponsor intends to continue the renovation program following acquisition. The property offers large floorplans and townhome options all at an affordable price point considered mission driven by Freddie Mac. Historically a bank borrower, the transaction represented the sponsor’s first agency execution. 

“The transaction was well aligned with Freddie Mac’s Mission Driven initiative and the closing process allowed this first-time agency sponsor the ability to acquire a quality workforce housing property under a compressed acquisition timeline,” said Hood. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.