Northmarq's Cincinnati office completes the $3,000,000 refinance of Bells Lake Apartments

CINCINNATI, OHIO (January 4, 2022) - Noah Juran, managing director in Northmarq's Cincinnati office, secured the $3,000,000 funding to refinance Bells Lake Apartments, a 72-unit apartment community located at 4820 Bells Lake Drive in Cincinnati, Ohio. The transaction was structured with a 10-year term amortizing over 30-years. Juran arranged the loan for a repeat client through a correspondent life company.

"The Borrower was looking to take advantage of the current low interest rate environment as the previous loan was set to mature in 2022. Northmarq was actively working the assignment while a life company lender was in Cincinnati visiting another asset. We toured the property with the lender, they quoted the deal upon returning to their office, and we had a signed application within one week," said Juran. "The Borrower took advantage of a drop in the 10-year Treasury and locked an extremely low 10-year fixed interest rate. The lender was thrilled to add this stable asset to their portfolio."