CINCINNATI (May 31, 2023) — Noah Juran, senior vice president – managing director of Northmarq’s Cincinnati debt and equity office, arranged the $6.1 million refinancing for a four-property portfolio totaling 62,720 square feet. The 99 percent occupied portfolio includes four buildings located in the Fairfield and Springdale neighborhoods of Cincinnati.
Northmarq arranged financing on behalf of the borrower through its relationship with a local bank. The permanent fixed-rate loan was structured on a three-year term with annual rate resets thereafter. “The sponsor has added significant value to the assets through leasing them up to this strong occupancy that is above both the market and submarket averages,” said Juran. “This deal was great for both parties as the borrower received a return of equity, and the lender received stabilized assets with strong cash flow and debt yield.”
Each property features local and national retailers and service providers and are situated on two major roads: Dixie Highway/Route 4, and Kemper Road. Built in 1987, the Diplomat Village Shopping Center includes three buildings totaling 50,650 square feet. The Kemper Ponds Plaza, located at 1333 East Kemper Road and less than five miles southeast of the other properties, was built in 2005 and features 12,070 rentable sq. ft.