Newmark Multifamily (Newmark) announces the financing of Railway Plaza, in Naperville. Railway Plaza is a transit-oriented suburban multifamily property completed in 2000 adjacent to the Route 59 Metro Station. The firm represented buyers BH Equities and Cantor Fitzgerald with a structured debt loan of $61,073,000.
A team consisting of Executive Managing Director Bill Weber, Managing Director Henry Stimler, and Vice President Daniel Sarsfield of Newmark’s Multifamily Capital Markets group worked with the lender, Freddie Mac, to finance the 10-year fixed-rate loan of $61,073,000 on behalf of the buyer, Cantor Fitzgerald, and operating partner BH Equities.
“This acquisition on behalf of BH Equities and Cantor Fitzgerald showcases the strength of the multifamily market in growing areas across the country,” said Stimler. “Multifamily properties like Railway Plaza that are well-maintained and well-located continue to be a strong choice for institutional investors looking to expand their portfolio of properties.”
Railway Plaza is a garden-style, Class A, 417-unit property encompassing 13 three-story buildings. The property features a mix of one-bedroom and two-bedroom units as well as a renovated clubroom featuring a 24-hour fitness center, lounge, resort-style outdoor swimming pool and sundeck, outdoor grilling stations and a fire-pit.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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