ROMEOVILLE, IL-Marquette Cos., based inNaperville, IL, recently gained a $36.8 million refinancing loanfor the HighPoint Community Apartments here.Berkadia’s Chicago office arranged the USDepartment of Housing and Urban Development loan.
The property, built in 1998, is 94% occupied and includes a27,000-square-foot community center. Rents on the one- andtwo-bedroom apartments run from $850 to $1,305 per month.
Len Deering, an SVP with Berkadia, tellsGlobeSt.com that the 35-year, fixed-rate loan has an 80% LTV andamortizes on a 35-year schedule. He says apartments have been theproperty type of almost all lenders.
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