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Chicago & Midwest  + Greater Chicagoland  + Senior Housing  | 
Northmarq Chicago Arranges $19.2M Senior Housing Refinance through its in-house FHA/HUD team

Northmarq Chicago Arranges $19.2M Senior Housing Refinance

SVP Sue Blumberg of Northmarq’s Chicago office has arranged a $19.2 million refinancing of the Mayslake Center II senior housing community, Northmarq announced.

The transaction was structured with an FHA a7 fully-amortizing 40-year term loan. NorthMarq arranged the permanent-fixed loan for the borrower through its in-house FHA/HUD team. “By leveraging our FHA expertise, we were able to significantly lower Mayslake’s interest rate by over 130 basis points,” said Blumberg. 

“The people at Northmarq were very helpful and professional in managing the process.  We appreciate all their efforts in achieving this substantial cost savings that will benefit all of our residents at Mayslake Village for many years to come,” said Mike Frigo, President and CEO of the Non-profit Borrower entity.

Mayslake Center II, a 249-unit multifamily property located within Mayslake Village at 1801 35th Street, Oakbrook, IL, is a midrise building that offers a maintenance free setting as well as affordable rents based on income.

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Sue Blumberg

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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