July 15, 2014

NorthMarq Capital arranges $10.6 million refinance of Vesta Lofts in Chicago, Illinois

Vesta Lofts

Debt & Equity

Multi-Tenant

CHICAGO (July 15, 2014) – Sue Blumberg, senior vice president/managing director of NorthMarq Capital’s Chicago office and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s New York metro office arranged the $10.6 million refinance of Vesta Lofts, a 59-unit multifamily property located in Chicago, Illinois. The transaction was structured with a 7-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac. “Vesta Lofts represents a true vintage redevelopment of a former battery factory that has preserved many historic elements, such as the original water tower on the roof,” said Blumberg. “The units themselves are loft style with great space and finishes. The borrower was able to take advantage of these historically low interest rates to place the permanent loan.”

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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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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