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.