NorthMarq Arranges $44M Mortgage at 4.04% Interest on Behalf of Amli
- Nov 17, 2010
Woodridge, Ill.–Frank Relihan, vice president, Kenneth Gentzel, senior vice president and managing director, and Gary McGlynn, senior vice president and managing director, of NorthMarq’s Washington, D.C. regional office arranged first mortgage financing of $44 million for AMLI @ Seven Bridges, a 520-unit multifamily complex located at 6566 Double Eagle Drive in Woodridge, Ill.
Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrowers, AMLI and NREA, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
NorthMarq, which exclusively represented the borrower, says it received very aggressive quotes from several life insurance companies as well as the agencies. In the end, the Fannie Mae quote through Amerisphere won the business and closed at a rate of 4.04 percent – which is one of the lowest 10-year rates seen in over 30 years, says NorthMarq.