NorthMarq Capital arranges $10.6 million refinance of Vesta Lofts in Chicago, Illinois
Vesta Lofts
CHICAGO (July 15, 2014) – Sue Blumberg, senior vice president/managing director of NorthMarq Capital’s Chicago office and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s New York metro office arranged the $10.6 million refinance of Vesta Lofts, a 59-unit multifamily property located in Chicago, Illinois. The transaction was structured with a 7-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac. “Vesta Lofts represents a true vintage redevelopment of a former battery factory that has preserved many historic elements, such as the original water tower on the roof,” said Blumberg. “The units themselves are loft style with great space and finishes. The borrower was able to take advantage of these historically low interest rates to place the permanent loan.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
