Northmarq Provides $12.2M Freddie Mac Loan for Build-to-Rent Community in Oak Creek, Wisconsin

The first phase of Residences at Oak View includes 42 homes and is fully leased. A second phase of development is underway.

OAK CREEK, WIS. — Northmarq has provided $12.2 million in construction takeout financing for the recently completed first phase of Residences at Oak View in Oak Creek, just south of Milwaukee. The build-for-rent community, located at 10730 S. Howell Ave., includes 42 rental homes. Residents have access to a clubhouse with a fitness center, game room, community room and outdoor pool. The property was fully pre-leased within two months of the first home delivery and achieved occupancy stabilization within five months. Construction on a 41-home second phase is currently underway, with completion slated for summer 2022.

Brett Hood of Northmarq arranged the 10-year loan, which features five years of interest-only payments followed by a 30-year amortization schedule. Northmarq originated the financing for the borrower, ModHomes, through its status as a Freddie Mac Optigo lender.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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