CINCINNATI, OHIO (February 24, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office secured acquisition financing of $10.2 million for two Governor’s Pointe Flex Buildings. The two properties encompass 154,775 sq. ft. and are located at 4900 Parkway Drive and 4700 Duke Drive in Mason, Ohio. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a regional bank.
The property is located in a thriving submarket of the Cincinnati MSA. This is evidenced by the robust developments anchored with national brands such as The Home Depot, Hobby Lobby, the Procter and Gamble Business Center, Duke Realty Corporation, the luxurious apartments of Latitude at Deerfield, Porsche of Kings Auto Mall, Kraft Foods, and dozens of other name-brand enterprises. The property is conveniently located directly off Mason-Montgomery road, a main N/S thoroughfare and just minutes off Interstate 71 which is a major artery connecting Cincinnati and Columbus. The property is a flex space with office and industrial offerings in a strong submarket. According to CoStar, the vacancy rate of this submarket is incredibly low at 1.20 percent and rents are forecasted to increase by 6-8 percent in FY2021.
Juran noted how this transaction exemplifies how market expertise combined with lender relationships is crucial in the current environment. The buyers approached NorthMarq on New Year’s Eve 2020 seeking assistance to source an acquisition loan after their previous lender re-traded the proposed loan terms. The buyers live out-of-state and needed to close quickly to meet their purchase contract deadlines; given these two obstacles, NorthMarq leveraged a very reliable lender execution as the means to close on the transaction.
“We worked quickly with a relationship bank lender who provided very aggressive terms that met the borrower’s needs, and had the deal signed up and moving forward in about one week,” said Juran. “Ultimately, all parties came together to get the deal closed in only 34 days from the date of the original borrower contact.”