NorthMarq Capital arranges permanent financing of $31 million for Encore Apartments in Cincinnati, Ohio
CINCINNATI (July 9, 2018) – Susan Branscome, senior vice president of NorthMarq Capital’s Cincinnati regional office, arranged permanent financing of $31,000,000 for 133-unit multifamily property located at 716 Sycamore Street, Cincinnati, Ohio. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life company.
Encore Apartments is located in Cincinnati’s Central Business District with direct highway access, a variety of retail establishments, restaurants, bars and world-class entertainment venues. The apartment offers amenities such as a heated salt water pool, observation lounge, outdoor kitchen, pet spa, club room, and fitness center.
“This is one of the best multi-family properties in downtown Cincinnati,” said Branscome. “We were able to secure a forward loan funding with a life insurance company allowing the borrower to lock the interest rate early and fund when the property leased up.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
