NorthMarq completes $6,750,000 refinance for Encore and Grand Oaks Apartments in Indianapolis, Indiana
CINCINNATI, OHIO (September 21, 2021) – Noah Juran, senior vice president/managing director of NorthMarq's Cincinnati office, arranged the $6,750,000 refinance for Encore Apartments ($2,675,000) and Grand Oaks Apartments ($4,075,000). These are 100-unit and 120-unit apartment communities respectively and are located in Indianapolis, Indiana. The transactions were structured with a 10-year term on a 25-year amortization schedule. NorthMarq secured financing for the borrower through its correspondent relationship with a life company.
"These were great loans for the Borrower as they locked in a very low 10-year rate (lower than their previous rate) and pulled some cash out", said Juran. "We worked closely with the incumbent correspondent life insurance company lender to re-cast the deals. Our lender was quite happy to keep these well-maintained, stable properties in their portfolio."
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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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
