CHICAGO, ILLINOIS (March 2, 2022) – Sue Blumberg, senior vice president/managing director of Northmarq’s Chicago office, refinanced Mayslake Center II senior housing community for $19.2 million. The 249-unit multifamily property is located within Mayslake Village at 1801 35th Street, Oakbrook, Illinois. The transaction was structured with an FHA a7 fully-amortizing 40-year term loan. NorthMarq arranged the permanent-fixed loan for the borrower through its in-house FHA/HUD team. 

“By leveraging our FHA expertise, we were able to significantly lower Mayslake’s interest rate by over 130 basis points,” said Blumberg.

“The people at Northmarq were very helpful and professional in managing the process.  We appreciate all their efforts in achieving this substantial cost savings that will benefit all of our residents at Mayslake Village for many years to come,” said Mike Frigo, President and CEO of the Non-profit Borrower entity.

Mayslake Center II is a midrise building that offers a maintenance free setting with all the comforts of home, as well as affordable rents based on income. Amenities include: Affordable living for seniors, one bedroom/one bath units, on-site laundry facilities, individually controlled heat and air conditioning, on-site administrative offices, life enrichment, social services, wellness center, dining room with homemade, healthy and delicious meals, chapel, resident trips, monthly birthday parties with live entertainment.