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Northmarq’s Chicago Office Secures $16M for Iowa MF
Brett Hood, managing director of Northmarq’s Chicago Debt + Equity office, secured the $16,095,000 acquisition financing for Walnut Lake Apartments, a 180-unit, garden-style apartment community located in Urbandale, Iowa.
Northmarq arranged the permanent fixed-rate loan on behalf of the borrower, an affiliate of MLG Capital, through its Freddie Mac Optigo lending platform. MLG Capital, a valued partner and Freddie Mac Select Sponsor, benefited from a transaction structured with a five-year term, full-term interest only and a fixed interest rate just below 6%. The property is mission-rich, with 100% of units designated at 80% AMI.
Walnut Lake Apartments is located in Urbandale, Iowa, just 14 miles northwest of the Des Moines CBD. Urbandale is the third-largest suburb of Des Moines, conveniently located off I-35, providing residents with excellent access to demand drivers and employment hubs throughout the city and neighboring suburbs. Constructed in 2016, the property offers ample in-unit and community amenities.
