NorthMarq Capital’s Chicago office arranges cash out refinancing of $3,650,000 for Deer Run Apartments in Chesterton, Indiana
CHICAGO (May 2, 2018) – Brett Hood, senior vice president of NorthMarq Capital’s Chicago regional office, arranged cash out financing of $3,650,000 for Deer Run Apartments, a 1970’s vintage asset containing 72-units locate in Chesterton, Indiana. The transaction featured a 10-year interest-only term and full waiver of the standard non-recourse carve-out provisions. NorthMarq arranged the fixed-rate financing for the borrower through its seller/servicer relationship with Freddie Mac. “The subject property has been successfully owned by a regional operator for 20-plus years,” said Hood. “Transaction challenges include collateral with aluminum wiring and galvanized piping, significant cash-out and an unexpected decrease in collection during the underwriting process.”
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