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Kensington Receives $63M for Four Properties

CHICAGO-The four-building, multifamily portfolio has an average occupancy rate of 98% with properties in Arlington Heights, IL; Crystal Lake, IL; and Lisle, IL.

By Gina Kenny | Updated on August 23, 2007

(Read more on the multifamily market and the debt and equity markets.)

CHICAGO-Kensington Advisors, based here, has received more than $63.3 million in refinancing for a four-building, multifamily portfolio with a total of 1,163 units in the Chicago suburbs. NorthMarq Capital Inc., headquartered in Minneapolis, arranged the financing with Freddie Mac as the lender.

The 10-year financing is interest-only with fixed term plus one year floating. The all-in interest rate is 5.89% for the loan, which has a loan to value of 50%, says Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago regional office. Kensington holds the properties for the Michigan State Pension Fund, says Edward Ross, acquisition officer for Kensington.

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