Multifamily - Debt

NorthMarq’s Cincinnati office arranges $5,565,000 refinance of apartment portfolio in Portsmouth, Ohio

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.