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Chicago & Midwest  + Midwest  + Finance  | 

NorthMarq Arranges Agency Refi on New Milwaukee-Area Apartments

Brett Hood, SVP of NorthMarq’s Chicago-based regional office, secured $26,200,000 in permanent agency debt recapitalizing Poplar Creek Club, a recently stabilized 138-unit Class A multifamily community located in Brookfield, WI.
The Freddie Mac arranged loan represents 75% loan-to-value featuring a 10-year fixed rate term with five years’ interest only followed by a 30-year amortization cycle. Loan proceeds retired a $22,580,000 construction facility enabling the sponsor to recapture a portion of the equity required for asset development.
 
“The collateral was delivered in two phases between April and December 2019, experiencing strong lease-up velocity despite the ongoing COVID-19 pandemic,” said Hood. “The property’s lease up success is a testament to the strength in asset quality and location.”
Brookfield is considered an affluent second-ring Milwaukee suburb 14 miles west of the CBD. It’s known for its quality residential housing, exceptional school system and strong commercial base.
 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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