
Rockford Apartments Change Hands via Northmarq
Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq’s Chicago and St. Louis investment sales team completed the $42,800,000 transaction for Terra Creek Apartments. Brett Hood, managing director of Northmarq’s Chicago office, secured $27,423,000 in acquisition financing through Freddie Mac for the 278-unit complex located at 375 Bienterra Trail in Rockford, IL.
The borrower is an affiliate of MLG Legacy Fund and its real estate investor manager MLG Capital based in Brookfield, WI. Opposed to an outright sale, the seller contributed its equity interest in the property to the fund in exchange for ownership units offering diversification across multifamily assets across the country.
“After completing a competitive marketing process, MLG presented a unique opportunity that allowed the prior long-term ownership to liquidate the investment while replacing it with immediate cash flow, and the ability to defer capital gains,” said Stewart.
- ◦Sale/Acquisition
- ◦Financing