NORTHMARQ ARRANGES TWO MULTIFAMILY LOANS TOTALING $26.45 MILLION

AURORA, ILL., AND DETROIT — Minneapolis-based NorthMarq Capital has arranged $26.45 million in financing for two multifamily communities in Illinois and Michigan. Sue Blumberg of NorthMarq’s Chicago office has arranged $22.25 million in first-mortgage financing for Butterfield Oaks Apartments located in Aurora. The loan for the 346-unit property was financed through Freddie Mac’s Streamlined Refinance Program. Financing was based on a 7-year term with 5 years of yield maintenance, and a 30-year amortization schedule. Additionally, Blumberg arranged $4.2 million in first-mortgage financing for Pavilion Apartments located in Detroit. Financing for the 340-unit multifamily property was based on a 7-year term capped ARM with 2 years interest only, and a 30-year amortization schedule thereafter. The loan was arranged for the borrower, Pavilion Apartments LLC, through NorthMarq’s seller/servicer relationship with Freddie Mac.