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.”
