NorthMarq’s Cincinnati office secures $8.2 million refinance of Norse Landing in Cold Spring, Kentucky

CINCINNATI, OHIO (September 21, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office arranged the $8.2 million refinance of Norse Landing. The 130-unit class B- apartment complex is located at 1062 Davjo Drive in Cold Spring, Kentucky. The transaction was structured with a 12-year term on a 30-year amortization schedule. NorthMarq negotiated the permanent-fixed loan for the borrower, through its relationship with Fannie Mae.

The property consists of apartments and townhomes and resides on its own designated road. It also provides easy access to Northern Kentucky University, Fort Thomas and downtown Cincinnati. Amenities include: Laundry facilities, pet-friendly policy, property manager on site, air conditioning, dishwasher, washer/dryer hookup, air conditioning, cable ready, ceiling fans, hardwood floors, yards, refrigerator, tub/shower, disposal and wheelchair accessible rooms.  

"Our client purchased this property in 2017 and has created significant additional value through renovations and rent increases," said Juran. "Given the current low interest rate environment, he wanted to pull some cash out and lock in a long-term fixed rate. We showed the deal to several permanent, non-recourse lenders and Fannie Mae ultimately provided the best combination of loan proceeds and a low fixed interest rate. The loan closed with the same terms as applied for and it was a great loan for the Borrower and the Lender."