Sue Blumberg, senior vice president and managing director of NorthMarq Capital’s Chicago regional office, has arranged first mortgage refinancing of $21 million for Williams Reserve, a multifamily property located at 1245 Prairie Brook Drive in Palatine.
The property consists of 320 units of which there is a 30 percent affordable component and a small retail center. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. According to Blumberg, the transaction was a refinance with partial waiver of yield maintenance.
“The borrower took advantage of historic low interest rates to reposition (the) loan and take advantage of reduction in yield maintenance when refinancing with Freddie Mac,” she said.