OAKBROOK TERRACE, IL-Regency Place Owner LLC has secured refinancing to the tune of $29.2 million for its 112-unit multifamily property, Regency Place. NorthMarq Capital secured the seven-year term loan through its seller-servicer relationship with Freddie Mac.
Regency Place is at 2003 S. Meyer Rd., and offers one-, two- and three-bedroom apartment units ranging in size from 856 square feet to 1,749 square feet. Monthly rents are between $1,825 and $3,710. Also on site is retail space currently leased by three commercial tenants. According to a press release from NorthMarq, the interest rate was below 3.5%, with the first two years interest only, followed by a 30-year amortization schedule.
According to Sue Blumberg, senior vice president and managing director of NorthMarq's Chicago office, the borrower is a long-term, repeat Freddie Mac borrower. Blumberg, who was quoted in the Northmarq press release, represented the borrower in securing the loan.
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