NorthMarq Capital’s Cincinnati office arranges $5,279,000 acquisition financing for Holly Hills Apartments in Louisville, Kentucky

CINCINNATI (June 14, 2017) Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, arranged acquisition financing of $5,279,000 for Holly Hills Apartments, a 94-unit multifamily property located in Louisville, Kentucky. The transaction was structured with a three-year loan term on a 25-year amortization schedule with two years interest-only. The apartments offer numerous amenities in a pet friendly community located near Cherokee Park. “Our client is very active in acquiring well-located apartment communities with a value-add component. With Holly Hills, they are very excited about the transitioning Clifton Heights neighborhood and proximity to downtown Louisville, several hospitals and the University of Louisville,” said Juran. “For the loan request, we spoke to several non-recourse bridge lenders and received multiple quotes. Ultimately we chose Ready Capital Structured Finance whose terms included a 75 percent initial LTV, 3-year term with 24 months interest-only and funding for 100 percent of property improvements and renovations. The loan was funded in 30 days from the date of the signed application.”