June 19, 2020
Sue Blumberg and Kevin McCarthy of NorthMarq’s Chicago office arranged the $16.29-million refinance of Park Tower Apartments. The 134-unit, age-restricted multifamily property is at 247 Caterpillar Dr. in Joliet, IL.
The transaction was structured with a fully-amortizing 35-year term. NorthMarq arranged financing for the borrower, an affiliated Evergreen Residential entity, through its in-house FHA/HUD team.
To qualify for residence at Park Tower, the head of household must be at least 62 years of age or disabled, and the household income must be at or below 50% of the area median.
“We have had the opportunity to finance this property several times over the last 20 years as the borrower and management company enhance the asset, the quality of life and long-term commitment to the property and the residents,” said Blumberg. “Our team helped make this happen in times of market disruptions, assuring loan execution and delivery in a timely manner.”
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