(Read more on the multifamily market and thedebt and equitymarkets.)
CHICAGO-Kensington Advisors, based here, has received more than$63.3 million in refinancing for a four-building, multifamilyportfolio with a total of 1,163 units in the Chicago suburbs.NorthMarq Capital Inc., headquartered in Minneapolis, arranged thefinancing with Freddie Mac as the lender.
The 10-year financing is interest-only with fixed term plus oneyear floating. The all-in interest rate is 5.89% for the loan,which has a loan to value of 50%, says Sue Blumberg, senior vicepresident and managing director of NorthMarq's Chicago regionaloffice. Kensington holds the properties for the Michigan StatePension Fund, says Edward Ross, acquisition officer forKensington.
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