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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).