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