Greg Duvall, senior vice president/managing director of NorthMarq Capital‘s Kansas City based regional office arranged refinancing of $19.2 million for Chatham Hills Apartments, a 322-unit multifamily property located in Springfield, Illinois. The transaction was structured with a 7-year term with 3-year interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller/Servicer relationship with Freddie mac.
“As this was a refinance of an existing Freddie Mac loan, all parties involved were very familiar with the asset,” said Duvall. “Due to their familiarity with the asset, Freddie Mac provided very attractive loan terms to the borrower, even though the subject property was built in the 1970’s.”
, a 322-unit multifamily property located in Springfield, Illinois. The transaction was structured with a 7-year term with 3-year interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller/Servicer relationship with Freddie mac.
“As this was a refinance of an existing Freddie Mac loan, all parties involved were very familiar with the asset,” said Duvall. “Due to their familiarity with the asset, Freddie Mac provided very attractive loan terms to the borrower, even though the subject property was built in the 1970’s.”
