SVP and Managing Director of Northmarq Chicago Sue Blumberg refinanced Mayslake Center II senior housing community for $19.2 million.
The 249-unit multifamily property is located within Mayslake Village at 1801 35th St. in 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.
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 meals, chapel, resident trips and monthly birthday parties with live entertainment.