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