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NorthMarq Arranges Agency Debt on North Side Apartments
NorthMarq secured $15,958,000 in combined agency debt recapitalizing two multifamily properties located in the North Side’s Old Town and Logan Square neighborhoods. Freddie Mac structured the financing as two separate loans of $8,548,000 and $7,410,000.
The loans on the 53-unit 2420 N. Kedzie in Logan Square and the 41-unit 1220 N. LaSalle in Old Town featured a sub-3% fixed rate coupon for seven years with interest only payments throughout. The collateral encompasses 94 units in aggregate with in-place average rents qualifying as “mission-driven” under the agency’s affordability directive.
“The nature of Freddie Mac’s program enabled an efficient closing process with certainty of execution in a volatile COVID-19 environment,” said NorthMarq SVP Brett Hood, who arranged the financing. “The sponsor elected to index-lock early in the process, completely eliminating interest rate risk since Freddie holds their spreads throughout the term of the application.”
Pictured: 2420 N. Kedzie.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
