CINCINNATI (March 12, 2018) – Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, arranged the $4.45 million refinance of First Flats, a 121-unit multifamily property located at 1930 South Goyer Road in Kokomo, Indiana. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. The property offers numerous modern amenities, including: patios, convenient on-site parking, accent walls, laundry facilities, high speed internet access, linen closets and an outdoor courtyard space.
“The borrower purchased this property in 2016 and completed an extensive renovation of the property, creating substantial additional value,” noted Juran. “The borrower’s previous lender, who provided acquisition and renovation financing, was unwilling to allow the borrower to pull additional cash out of the property. We worked with one of our close bank relationships to source a loan for the borrower that included a substantial cash-out which provided the borrower the equity they needed to purchase another property.”