Northmarq Cincinnati’s Noah Juran arranges $5.4 million refinance of Jefferson House Apartments

CINCINNATI, OHIO (January 3, 2022) - Noah Juran, managing director in Northmarq's Cincinnati office, secured the $5,400,000 loan to refinance the Jefferson House Apartments, a 25-unit, student-housing property located at 2700-2704 Jefferson Avenue in Cincinnati, Ohio. The permanent, non-recourse loan was structured on a 10-year term with a 30-year amortization schedule. Northmarq arranged the financing for the Borrower through its relationship with a correspondent life company lender.

Jefferson House encompasses two buildings that were constructed in 1880 and 2011 and is located directly across from the University of Cincinnati (a one-minute walk to campus) and two blocks from the Short Vine Street entertainment district. The two buildings contain a mix of 1, 2, and 4-bedroom apartments, including both furnished and unfurnished units. 

“The refinance allowed the Borrower to lock in a low, long-term fixed rate for the property, in addition to pulling some cash out,” said Juran. “The Lender, Borrower, and Northmarq worked together for a smooth loan closing that closed on-time and as outlined in the original loan application. It was a great deal for all parties and the Lender was thrilled to start a new relationship with the Borrower.”