CINCINNATI, OHIO (September 22, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, secured a new construction loan of $5.84 million construction loan for Gated Properties Self Storage. The self-storage property will contain 622 units and is located at 8932 East 42nd Street in Indianapolis, Indiana. The transaction was structured with a 5-year term with 3-years of interest only followed by a 25-year amortization schedule. NorthMarq negotiated financing for the borrower through its relationship with a commercial bank.
“This was a challenging assignment as many bank lenders have pulled back on construction lending, particularly for out-of-market sponsors,” said Juran. “To assemble a comprehensive financing package and ensure the best outcome, we worked very closely with the Borrower/Developer to fully understand the project, the local and regional market and competition, the development team involved, and the strengths and weaknesses of the deal. We sourced multiple quotes for the Borrower and ultimately obtained a loan with a very competitive interest rate and an aggressive loan-to-cost ratio. This was a great execution and the loan closed with no changes to the initial loan terms.”