Northmarq arranges $7.035 million in acquisition financing for 131-unit multifamily property
CINCINNATI (Feb. 26, 2024) — Noah Juran, senior vice president and managing director of Northmarq’s Cincinnati Debt + Equity team, has secured the $7.035 million acquisition loan for Landry Apartment Homes. The 131-unit garden-style multifamily community is located at 1304 Wylie Rd. in Norman, Oklahoma.
“We were excited to earn AJS Equities’ business for this 131-unit apartment community,” said Juran. “AJS is an up-and-coming and active real estate investment firm purchasing apartment communities across the East Coast and Midwest. We knew this assignment posed several challenges, the most apparent was an extremely challenging lending environment. However, we excel in these situations and knew we could rely on our expertise to get a great loan for the borrower and get it closed within the required timeframe.”
Northmarq arranged financing on behalf of the borrower, AJS Equities, through a relationship with Freddie Mac. The transaction was structured on a 10-year term with three years interest only and a 30-year amortization.
“Over the past few years, we sourced, arranged and closed over 75 multifamily loans with many of those financed through non-recourse agency programs,” added Juran. “After reviewing the deal characteristics and AJS’s needs, we believed a particular agency program was a perfect fit to finance this acquisition.”
Conveniently located on West Lindsey Street with access to Interstate 35, Landry Apartment Homes offers large one- and two-bedroom floor plans. Residents enjoy two on-site clothes care facilities, two swimming pools and walking distance to the University of Oklahoma. The newly renovated multifamily community boasts an ideal location near nightlife, world-class museums, shopping and restaurants.
“We utilized our experience and lender relationships to quickly structure a proposal that met the borrower’s loan amount requirement on a non-recourse basis,” said Juran. “The deal was signed within one day; the rate was locked in the same day with the signed loan application and the loan closed with the exact same terms as were outlined in the original loan application. It was a smooth closing process and a great loan for both AJS and the lender.”
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