OAKBROOK TERRACE, IL- Northmarq Capital has arranged a $29.2 million loan for the 112-unit Regency Place apartment complex.
The property is at 2003 S. Meyer Road. There are also three commercial tenants on the site. Financing was based on a seven-year term with the first two years as interest only and then a 30-year amortization schedule. The rate was well below 3.5 percent fixed rate, according to Sue Blumberg, senior vice president and managing director of NorthMarq.
“The borrower, Regency Place Owner LLC, is a well-established, longtime repeat Freddie Mac borrower,” said Blumberg. “They were able to maximize the term of the loan to fit theirrequirements.”