CINCINNATI, OHIO (May 13, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, arranged acquisition financing of $3.55 million for Memorial Plaza. The 74,574 sq. ft. retail property is located at 3046 Indiana Avenue in Vicksburg, Mississippi. The transaction was structured with a fully-amortizing 25-year term. NorthMarq secured the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company. The loan went under application in one day and closed in less than 60 days start-to-finish. Major tenants include Corner Market, Planet Fitness, H&R Block, Direct Auto and Life Insurance, and OneMain Financial.
“NorthMarq was asked to source and arrange acquisition financing for our client, who was in a 1031 exchange, after the borrower’s bank submitted a proposal and then declined the deal, said Juran. “The borrower was short on time in both his 1031 exchange and purchase contract deadlines. NorthMarq quickly stepped in and had one of our correspondent life insurance companies propose on the loan at very competitive terms for this retail property located in a small market.”