Northmarq’s Chicago office structures $7.532 million refinance of 74-unit loft-style apartment community
CHICAGO (Nov. 13, 2023) — Brett Hood, managing director of Northmarq’s Chicago Debt + Equity office, secured the $7,532,000 refinance of Skinner Macaroni Lofts, a 74-unit multifamily property, located in Omaha, Nebraska.
Northmarq secured the permanent fixed rate loan for the borrower through its status as a Freddie Mac lender. The property was mission-rich with 95.9% of units at 80% area median income (AMI). The transaction was structured on a 15-year term with seven years of interest only, utilizing a 35-year amortization schedule for the minimum debt-service coverage ratio (DSCR) to maximize loan proceeds.
The property offers superior amenities and skyline views of the South Omaha Old Market neighborhood, near the heart of downtown Omaha. The historic district is known for its entertainment, restaurants, art galleries and upscale shopping. The low cost of living, diverse economic base and access to travel makes Omaha an attractive Midwest destination.
Meet our team
