CHICAGO, ILLINOIS (June 12, 2020) – Sue Blumberg, senior vice president/managing director and Kevin McCarthy, vice president of NorthMarq’s Chicago office, collaborated to arrange the $16.29 million refinance of Park Tower Apartments. The 134-unit multifamily property is located at 247 Caterpillar Drive in Joliet, Illinois. The transaction was structured with a fully-amortizing 35-year term. NorthMarq arranged financing for the borrower, an affiliated Evergreen Residential entity, through its in-house FHA/HUD team.
The Park Tower is a 14-story building that offers a maintenance free setting with all the comforts of home, as well as affordable rents based on income. To qualify for residence, the head of household must be at least 62 years of age or disabled, and the household income must be at or below 50 percent of the area median income. Residents pay 30 percent of the household’s net income for rent.
“We have had the opportunity to finance this property several times over the last 20 years as the Borrower and Management Company enhance the asset, the quality of life and long-term commitment to the property and the residents. Our team helped make this happen in times of market disruptions, assuring loan execution and delivery in a timely manner,” said Blumberg.
Amenities include: Affordable living for seniors or disabled individuals, four acres of landscaped grounds with mature trees, resident activities, resident computers with WiFi, walk path, patio, picnic tables, grill, social service coordinator on staff, elevator building, resident flower and vegetable garden, on-site laundry facilities, one bedroom/one bath units, kitchen with pass through to living room, electric stove, 18 cu. Ft. refrigerator, baseboard hot water heater with individual heat controls, gas heating and water provided, individual air conditioning units, extra closet space, central storage locker on each floor and cable ready.