NorthMarq’s Jeff Frankel secures acquisition financing of $5.4 million for six-property industrial portfolio located throughout Illinois
CHICAGO, ILLINOIS (July 24, 2019) – Jeff Frankel, senior vice president/senior director of NorthMarq’s Chicago-based regional office arranged acquisition financing of $5.4 million for a six-property industrial portfolio consisting of a combined 139,000 sq. ft. located throughout the state of Illinois. The transaction was structured with a 7-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“This acquisition involved a total portfolio of 14 properties, eight of which were encumbered under a securitized loan which the sponsor had to assume,” said Frankel. “The sponsor and their counsel did a great job working through this approval/assumption process, while simultaneously working with my life insurance company lender to close their loan.”
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