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Northmarq Lines Up Freddie Mac Loans on Milwaukee-Area Apartments
Brett Hood, managing director of Northmarq’s Chicago-based regional office, secured $40,240,000 in aggregate financing to recapitalize Artisan at Georgetown Square and Foxhaven Apartments, both located in the Milwaukee suburb of Brookfield, WI.
Loan proceeds for Artisan at Georgetown Square retired a $15,640,000 construction loan and returned equity to the borrower who was also the project developer. Foxhaven, also owned by the sponsor, received a $20,425,000 loan retiring the sponsor’s maturing agency debt with a sizable equity recapture. Both properties enjoy premier suburban locations near restaurants, retail, and employment hubs.
The borrower utilized Freddie Mac’s index-lock feature early in the process on both, securing attractive rates during a period of high market volatility.
“The Milwaukee-based sponsor is very familiar with the Freddie Mac process and the lender offered superior terms to win Artisan and keep Foxhaven in their portfolio,” said Hood.
- ◦Financing
