CINCINNATI (January 4, 2018) – Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, negotiated acquisition financing of $4,010,000 for a 131-unit multifamily property located in Northern Kentucky. This transaction was structured with a 5-year term on a 25-year amortization schedule, with 18 months interest only. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“Our client, an out-of-state value-add investor, engaged NorthMarq to source acquisition and rehab financing for an apartment property in Northern Kentucky. The project is atypical as it encompasses an entire street made up of 31 buildings laid out on 30 different parcels,” said Juran. “In addition to the challenging collateral, the deal needed to close by year-end 2017. Given just 45 calendar days (and during both Thanksgiving and Christmas), we worked very closely with our relationship bank lender to understand the deal, provide a very competitive loan structure and close the deal on time with the original agreed-upon terms.”