NorthMarq Capital’s Orlando office secures $42.22 million refinance of multifamily property located in Chicago, Illinois
ORLANDO (March 9, 2016) – NorthMarq Capital’s Orlando office and Sue Blumberg, managing director/senior vice president of Northmarq Capital’s Chicago office, arranged the $42.22 million refinance of The Residences at 1550, a 509-unit multifamily property located in Chicago, Illinois. The transaction was structured as an adjustable rate loan with a 7-year term with 2-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. “The closing of the Freddie Mac loan was a logistical challenge given that it was encumbered by a maturing loan crossed-collateralized with another property located in Cincinnati. We needed to coordinate the Freddie Mac closing to occur simultaneously with the closing of a separate bridge loan on the Cincinnati property from a different lender. We were able to bring together all parties for two separate successful closings in less than 50 days from signed application to funding,” said Blumberg.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
