CINCINNATI, OHIO (December 4, 2019) – Noah Juran, senior vice president of NorthMarq’s Cincinnati-based regional office arranged acquisition financing equal to 80% of the purchase price for Genesis Apartments. The multifamily property is located at 1023 23rd Street in Richmond, Indiana.
– 10-year term (3-years of interest-only)
– 25-year amortization schedule
– NorthMarq arranged financing for the borrower through its relationship with a regional bank.
– The property contains 303 units.
– The buyer will implement an extensive renovation plan.
“This was an excellent acquisition for a repeat client of ours. The property was purchased at a very low basis and provides a tremendous opportunity to execute a value-add business plan. The acquisition and renovation financing was sourced through one of our close relationship bank lenders. It was a great loan for both the lender and borrower.”
– Noah Juran