CINCINNATI, OHIO (October 27, 2022) – Noah Juran, senior vice president/managing director of Northmarq’s Cincinnati debt/equity team arranged the $8 million refinance of Fair Oaks Plaza, a 157,000 sq. ft., five-building retail center that boasts 97 percent occupancy. The property is located at 5955-5965 Boymel Drive, Fairfield, Ohio in the Cincinnati MSA.
Juran worked with this repeat client to refinance the acquisition loan he placed in 2020. Since purchasing the subject, the borrower significantly increased both occupancy and NOI, and was therefore seeking a return of equity from the refinance. Juran sourced a local bank relationship lender who provided the requested proceeds and a very attractive interest rate that they held since June, despite multiple rate increases during the loan closing period. The loan is structured on a 10-year term amortizing over 25-years.