CHICAGO– Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago regional office, arranged first mortgage refinancing of $32.963 million for Landings at Amhurst Lake, a 340-unit, market-rate multifamily community located at 1375 S. White Oak Drive in Waukegan, Illinois. Financing was based on a 10-year term with 3 years interest only, thereafter a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Northern Crossing JV, LLC, through its seller-servicer relationship with Freddie Mac.
“The borrower was able to secure long-term debt at 3.63% interest, with an Early Rate Lock execution prior to the recent jump in rates. Timing is everything,” Blumberg said. “This long-time loyal Freddie Mac borrower received the best pricing in the market for this Class A property. They have achieved best-in-class rent growth in a very timely market.”
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.