Northmarq Arranges $24.7 Million Fannie Mae Refinancing for Chicago Multifamily Property

Northmarq has successfully arranged a $24.7 million refinancing package for Reside on Jackson, a 93-unit apartment community situated in Chicago. Kevin McCarthy of Northmarq was responsible for securing the Fannie Mae financing, which was provided to the borrower, Newcastle Investors. The Reside on Jackson property, built in 2016, features a diverse selection of one- and two-bedroom units. It offers a range of amenities designed to enhance resident experience, including a rooftop area equipped with grills, dedicated bicycle storage, a 24-hour concierge service, and continuous emergency maintenance support. This transaction highlights the continued availability of agency financing for well-maintained multifamily assets in major urban centers. For real estate developers, investors, and lenders, securing such refinancing is crucial for managing capital structures, optimizing returns, and ensuring the long-term viability of their property holdings. The deal reflects ongoing market confidence in established residential communities within the Chicago metropolitan area.