Finance N Illinois

NorthMarq Capital closes $93 million refinancing of downtown Chicago apartments

  

Sue Blumberg, senior vice president/managing director of NorthMarq Capital’s Chicago regional office, has finalized the $93 million refinance of Columbus Plaza, a 533-unit multifamily property in downtown Chicago owned by an entity controlled by The Habitat Company.

The transaction was structured with a seven-year interest-only term. NorthMarq arranged financing for Habitat through Fannie Mae’s Green Program.

Property upgrades for Columbus Plaza will include extensive work in the lobby and outdoor amenity spaces, including a complete renovation and expansion of the building’s deck and grilling stations. Additionally, low-flow appliances will be added to reduce water consumption and improve energy efficiencies.