| Northmarq Capital's Chicago office is already on track for its second year of 40% improvement by volume, showing that lenders are back in the market, especially for trophy assets and multifamily. Northmarq's Sue Blumberg and Jeff Cherner told us the largest privately owned mortgage banker in the country (that's Northmarq) has acquired 32 different mortgage bankers and is operating in all 50 states, with an HQ in Minneapolis. They acquired the Baird & Warner Real Estate Capital Team in 2007, still the core of the Chicago office, which closed 30-plus transactions last year, including Jeff's $25M financing of 300 W. Adams in December, a$29M apartment complex in Texas, and a $28M refi for a shopping center in Willowbrook. With 50 insurance companies as clients, Northmarq has a lot of debt looking for a home, Sue says. | |
| About 35% of the companies 5,500 loans are on multifamily, and Sue is set to add one more with a trophy asset scheduled to close in Chicago by the end of the month. Much of their recent lending has been on the coasts and for larger deals. And Northmarq has entered into correspondent agreements with several of the more credible conduits, including Goldman Sachs, Citi, and JP Morgan Chasewho are targeting middle market business in Chicago with loan sizes from $5M to $50M. The underwriting isn’t as aggressive as in the heyday, but with incentive to put money out, conduits will be directly competing with life companies in the near future. |
Lending Coming Back
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Jeff Cherner, Northmarq Capital
