CHICAGO – 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.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.