Northmarq’s Chicago Investment Sales team led by Alex Malzone, Parker Stewart, Dominic Martinez and Jake Lamb, in collaboration with its Chicago Debt + Equity team led by Brett Hood and Kevin McCarthy, arranged the sale and acquisition financing of Douglas Terrace Apartments, a 202-unit garden apartment community located at 3706 Douglas Ave. in Racine, Wisconsin.
Northmarq completed the $23 million sale representing the seller, MLG Capital LLC. The buyer was a private capital group from Illinois.
Northmarq arranged the $18.265 million permanent-fixed financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a seven-year term featuring four years of interest-only payments.
Built in 1966 and renovated in 2020, Douglas Terrace features a mix of studio, one-, two- and three-bedroom floor plans. Units feature stainless steel appliances, large closets, air conditioning, LVP flooring, a patio or balcony and extra storage space.
Community amenities feature a pool and playground, picnic area, on-site management and maintenance, laundry facilities, a pet-friendly environment and dog park, a gated community, and garage and off-street parking.
