CINCINNATI, OHIO (January 10, 2019) – Noah Juran, senior vice president of NorthMarq’s Cincinnati regional office finalized the $2.5 million refinance of Houston Road Shoppes, a 13,000 sq. ft. retail property located at 4960 Houston Road in Florence, Kentucky. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The borrower’s previous loan was maturing and the incumbent lender was unable to provide acceptable refinance terms,” said Juran. “We worked with one of our correspondent life company lenders to arrange a fixed rate, non-recourse loan on a 20-year fully amortizing basis. It was a typical life company execution; early rate lock at application and closed as quoted with no surprises. It was a great loan for both the borrower and the lender.”