Northmarq Facilitates $27M Refi for Chicago Luxury Apartments
Northmarq’s Chicago Debt and Equity team, led by Managing Director Kevin McCarthy, arranged the approximately $27 million refinance of Madison Throop Place, a 72-unit luxury apartment community located at 1247 West Madison Street in Chicago.
Northmarq arranged financing on behalf of Breneman Capital through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term with full-term interest-only payments.
“The combination of the sponsor’s deep experience in this market and strong submarket fundamentals enabled Fannie Mae to take an aggressive approach to keep this deal within their portfolio,” McCarthy said.
Built in 2016, Madison Throop Place is situated within the heart of the West Loop. The two, four-story buildings include a mix of one-, two- and three-bedroom units above street-level retail and covered parking spaces. The property offers floor plans ranging from 695 to 1,380 square feet, and amenities include a rooftop terrace, bike storage and private balconies.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout