CINCINNATI, OHIO (June 18, 2019) – Noah Juran, senior vice president/senior director of NorthMarq’s Cincinnati-based regional office arranged the $5 million refinance of Lytle Tower, a 115-unit multifamily property located at 405 Broadway Street in Cincinnati, Ohio. The transaction was structured with a 20-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
Lytle Tower offers a fantastic location in Downtown Cincinnati along with uniquely styled and fully renovated urban studios, one bedroom apartments, and one bedroom penthouses. Residents at Lytle Tower enjoy quick access to shopping, dining, and entertainment including Great American Ballpark, The Banks Entertainment District, The Aronoff Center for the Arts and Taft Theatre. Amenities include a completely renovated resident lounge, skyline and river view units, fitness center, on-site restaurant, in-unit laundry, and maid service, among others.
“We worked very closely with one of our correspondent life company lenders to arrange a non-recourse loan with a very low, long-term fixed rate and a 30-year amortization,” said Juran. “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.”