Sue Blumberg, senior vice president/managing director of NorthMarq Capital’s Chicago office and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital‘s New York metro office arranged the $10.6 million refinance of Vesta Lofts, a 59-unit multifamily property located in Chicago, Illinois. The transaction was structured with a 7-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.
“Vesta Lofts represents a true vintage redevelopment of a former battery factory that has preserved many historic elements, such as the original water tower on the roof,” said Blumberg. “The units themselves are loft style with great space and finishes. The borrower was able to take advantage of these historically low interest rates to place the permanent loan.”