Northmarq’s Chicago office arranges $2,179,800 refinance of Illinois Bone and Joint Institute
CHICAGO, ILLINOIS (January 3, 2023) - Erik Kunz, vice president of Northmarq’s Chicago debt and equity team, finalized a $2,179,800 permanent-fixed loan for the Illinois Bone and Joint Institute. The 7,894 sq. ft. medical office space is located at 1034 Warren Avenue in Downers Grove, Illinois.
The transaction was structured on a 10-year term with a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
“Local banks presented very competitive offers, but our correspondent life company had the ability to lock rate immediately and ultimately won the deal,” said Kunz. “This turned out to be very beneficial due to the current higher interest rate environment that followed.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
