NorthMarq Capital secures acquisition financing of $3,648,750 for Devereaux Apartments in Salt Lake City, Utah

CINCINNATI (August 9, 2018) – Noah Juran, senior vice president of NorthMarq Capital’s Cincinnati regional office, secured acquisition financing of $3,648,750 for Devereaux Apartments, a 30-unit multifamily property located at 130 South 900 East, Salt Lake City, Utah. The transaction was structured with a 3-year interest only term. NorthMarq arranged financing for the borrower through its relationship with a bridge lender. 

“Our client was in a 1031 exchange and originally engaged a local bank lender for acquisition financing. The bank changed the loan terms late in their process and the borrower was concerned the deal would not close on time which would jeopardize the 1031 exchange,” said Juran. “We quickly engaged a bridge lender who provided very competitive loan terms that will facilitate the borrower’s value-add business plan. The loan was closed very quickly allowing the borrower to complete their 1031 exchange.”