CINCINNATI, OHIO (June 10, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, arranged the $1.6 million refinance of Avon Corner Shops. The 14,400 sq. ft. retail property is located in Avon, Indiana. The transaction was structured with a 15-year term on a 25-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower through its correspondent relationship with a life company lender.
“The borrower was looking to take advantage of a low, long-term, fixed rate while pulling cash out of this retail property that was purchased in 2018. While many lenders across the country have limited lending on retail properties, we are still sourcing very competitive loans on this asset class,” said Juran. “On the subject transaction, we sourced multiple competitive quotes from our relationship life insurance companies and locked in a very strong 15-year rate with a repeat lender relationship.”