NorthMarq Capital arranged $20 million mortgage for Webster Square in Chicago, Illinois

Webster Square
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CHICAGO (June 13, 2013) – Sue Blumberg, senior vice president and managing director, and Rup Patel, assistant vice president, of NorthMarq’s Chicago regional office, arranged construction loan financing of $20 million for Webster Square located at 558 West Webster in Chicago, Illinois. This asset is the redevelopment of a medical office building into 75 market-rate luxury apartments along with 16,000 sq. ft. of first floor commercial space located on one of the best parcels of property in Lincoln Park. This asset is the adaptive re-use of the former Lincoln Park Hospital. Financing was based on an interest-only 3-year term with two 1-year extensions, if needed. NorthMarq arranged this financing for the borrower, Sandz Development, through its relationship with a regional bank. “The borrower fought long and hard to obtain support and approval,” Blumberg said. “This whole site will benefit the neighborhood. This is the right group for the right development in the right location.”

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.

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