Northmarq’s Cincinnati office completes $6.3 million refinance for multifamily property in Miamisburg, Ohio

CINCINNATI, OHIO (August 23, 2022) – Noah Juran, managing director of Northmarq’s Cincinnati debt and equity team, finalized a $6.3 million refinance of Miamisburg Estates. The 13-building/142-unit multifamily property is located at 1504 Almedia Court in Miamisburg, Ohio. The transaction was structured with a 7-year term and a 30-year amortization schedule. Northmarq secured financing for the borrower through its relationship with Freddie Mac. 

“Northmarq was engaged by the borrower to source a cash-out refinance of the asset as the borrower created substantial additional value since purchasing the property in two phases in 2019 and 2021. Our agency relationship showed immediate interest in the deal, and we worked closely with them to secure a very aggressive proposal that included an interest-only period, stepdown prepayment structure, cash-out proceeds, and the ability to lock rate at application, which proved to be very important as interest rates increased during the closing process. This was a great loan for both the borrower and the lender, and it will allow the borrower to grow their portfolio,” said Juran. 

Located in downtown Miamisburg, residents enjoy ample retail/entertainment opportunities nearby. There are three shopping centers within 1.9 miles, as well as a brand-new Kroger store, bank, gym, post office and aquatic center within walking distance. Commuters to downtown Dayton and beyond have I-675 and I-75 nearby to make their commute accessible. 

Community amenities include: Laundry facilities, property manager on site, trash pickup, media center/movie theatre. Apartment amenities include: Two-car garages, high-speed internet access, in-unit washer/dryer and hook-up, air conditioning, heating, ceiling fans, cable ready, storage units, dishwasher, disposal, eat-in kitchen, oven, range, refrigerator, freezer, carpet, vinyl flooring, office, walk-in closets, linen closet, balcony, deck, and yard.