Student Housing - Debt

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.” 

 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.