CINCINNATI, OHIO (October 9, 2019) – Noah Juran secured debt and equity financing for Airy Hills at North Bend Crossing. The senior housing property will be located at 5150 North Bend Crossing in Cincinnati, Ohio
– 3-year interest-only term
– NorthMarq arranged financing for the borrower through its relationship with a regional bank.
– NorthMarq secured $18,200,000 of construction debt and $5,500,000 of equity.
“The Borrower on this deal reached out to NorthMarq in early 2019 after a prior failed financing placement attempt with another firm. We met with the Borrower to hear what happened previously and listened to the deal story to understand his goals and needs for the project which is the third phase of a development he began in the early 2000’s. Almost 20 years later he wanted to complete the third and final phase. The deal had several challenges and we spoke to over 40 lenders to source the most suitable lender for the construction financing – a lender who could not only provide the debt but also understand and consent to an atypical equity structure. NorthMarq ultimately secured a proposal that met the needs of the Borrower, the construction lender and the equity source and closed the loan in September 2019. The Borrower plans to start construction immediately and expects to complete the property in the 4Q2020 or early 1Q2021.”
– Noah Juran
– 82-unit, state-of-the-art senior living facility with 31 assisted living units, 32 memory care units and 19 rehabilitation units.
– Excellent location off of I-74 and North Bend Road – less than 1 mile from Mercy Health – West Hospital
– The general contractor is The Douglas Company who has expertise in Senior Living and Healthcare.