August 20, 2013

NorthMarq Capital arranged $23.25 million mortgage for Woodlake Apartments in Gurnee, Illinois

Woodlake Apts

Debt & Equity

Multi-Tenant

CHICAGO (August 20, 2013) – Jeff Frankel, senior vice president and senior director of NorthMarq’s Chicago regional office, and Charlie Robinson, senior vice president and senior director of NorthMarq’s Dallas regional office, cooperated to arrange first mortgage refinancing of $23.25 million for Woodlake Apartments, a 260-unit, market-rate multifamily property located at 101 Woodlake Boulevard in Gurnee, Illinois. Financing was based on a 5-year term with the first 30 months interest only then a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “The lender locked in the interest rate for 7 months without any rate premium,” Frankel said. “This allowed the borrower to take advantage of low rates and obtain a loan commitment well in advance of their open par prepayment window with the existing lender.”

Available Multifamily properties

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.