Multifamily - Debt

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.”

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.