Brett Hood, managing director of NorthMarq’s Chicago-based regional office, secured $12.187 million in construction takeout financing for the recently completed first phase of Residences at Oak View at 10730 S. Howell Ave. in Oak Creek, Wisconsin.
The community features 42 modern rental homes with open floor plans, designer finishes, smart technology systems and attached garages in a single community with common access to a state-of-the-art clubhouse complete with a fitness center, game room, community room and outdoor pool.
The transaction was structured with a 10-year term with five years of interest-only followed by a 30-year amortization schedule. Northmarq arranged financing for the borrower, ModHomes, through its Optigo status as a Freddie Mac lender.
NorthMarq has completed more than $1.5 billion in single-family home rental transactions in the U.S. and has over 15 active listings and assignments. The rising wave of developers, investors, renters and lenders interested in single-family build-to-rent has made it one of the hottest sectors in the multifamily market, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report.
