NorthMarq Capital has arranged the $42.2 million refinance of The Residences at 1550, a 509-unit multifamily property in Chicago, Illinois.
The transaction was structured as an adjustable rate loan with a seven-year term with two-year interest only followed by a 30-year amortization schedule.
NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
Melissa Marcolini Quinn, managing director and senior vice president of NorthMarq Capital’s Orlando office and Sue Blumberg, managing director and senior vice president of Northmarq Capital’s Chicago office, arranged the refinance.
