CINCINNATI, OHIO (July 16, 2020) – Noah Juran, senior vice president/managing director in NorthMarq’s Cincinnati office completed the $5,565,000 refinance of the Portsmouth Apartment Portfolio. The portfolio contains six properties consisting of 198 combined units and is located in Portsmouth, Ohio. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a national bank.
The Portfolio contains a mix of studio, 1-bedroom, and 2-bedroom units and offers clean, safe, and affordable housing across several of Portsmouth’s different neighborhoods. Historical occupancy across the 198 units is typically at 95-100 percent and it remained steady during the Coronavirus Pandemic.
“This portfolio refinance produced a fantastic result for the borrower,” said Juran. “We sourced a great loan from a national credit union lender that included a 30-year amortization; the loan not only provided the Borrower with significant cash-out, it also lowered his monthly payment. It was a great loan for both the borrower and the lender.”