CINCINNATI (August 2, 2017) Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, arranged acquisition financing of $4,337,500 for The Devereaux Apartments, a 60-unit multifamily property located in Kansas City, Missouri. The transaction was structured with a three-year loan term with 30 months interest-only and funding for 100 percent of property improvements and renovations. NorthMarq arranged financing for the borrower through a bridge lender.
“Our client is very active in acquiring well-located apartment communities with a value-add component. The borrower was very excited about this deal as they are achieving great success at a previously purchased and renovated, similar property in the Midtown neighborhood in Kansas City,” said Juran. “For the loan request, we spoke to several non-recourse bridge lenders and received multiple, competitive quotes. The loan was funded in 30 days from the date of the signed application.”