Chicago– Sue Blumberg, senior vice president and senior director of NorthMarq Capital’s Chicago Regional office, arranged fixed-rate financing of $28.876 million for Pensacola Place in Chicago.
The asset, located at 4334 N. Hazel, 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 seven-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.
Blumberg states, “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.”