CINCINNATI (August 28, 2017) Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, arranged the $7,000,000 refinance of Creekstone Retail Portfolio, a collection of retail properties consisting of a combined 50,000 sq. ft. and located at 1310, 1665, & 1675 N National Road, Columbus, Indiana; 909 DuPont Road, Fort Wayne, Indiana and 4425 Feedwire Road, Centerville, Ohio. The transaction was structured with a 15-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The borrower approached Northmarq to refinance these four retail centers located in Indiana and Ohio in an effort to pull out some cash and lock in an attractive long-term, fixed interest rate,” said Juran. “The pool of lenders interested in this deal was limited due to the smaller market locations and negative news regarding the retail sector, in addition to complex borrowing entity structures with several moving pieces. However, we successfully structured a deal that met all of our client’s goals and we worked diligently with the borrower and our relationship lender to close these transactions in a timely manner.”