NorthMarq Capital Arranges $28.876M mortgage for Pensacola Place
July 20, 2010 | Staff Writer | Print Article | Email this Article
Sue Blumberg, senior vice president and senior director of NorthMarq Capital’s (NorthMarq) Chicago Regional office, arranged fixed-rate financing of $28.876 million for Pensacola Place located at 4334 N. Hazel in Chicago.
The asset is a mixed use property containing 79,000 square feet of commercial space and 264 renovated multifamily units with spectacular views. Major commercial tenants include Jewel-Osco grocery store and World Gym. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged for the borrower, Pensacola Apartments, LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
Ms. Blumberg stated in a release, “This was a refinance of a loan in our Freddie Mac portfolio allowing the borrower to drastically reduce the interest rate and continue the unit upgrades. Jewel just completed a complete renovation of their space.”
Tags | Chicago, finance, NorthMarq Capital
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