Arranged $18.6 Million Bridge Loan for Ohio HAP Portfolio
Ohio HAP Portfolio
NEW YORK (June 5, 2013) – Elliot Auerbacher, vice president of NorthMarq’s New York City Metro regional office, arranged a bridge loan of $18.6 million for the acquisition of a portfolio of affordable housing properties located in Ohio. The portfolio consists of eleven affordable housing, 100% Section 8 properties with a combined total of 850 units. Ten properties are located in Cincinnati and one is in Lima. Financing was based on a 12-month interest-only term. NorthMarq arranged this financing for the borrower through its relationship with a hard-money bridge lender. “This was an eleven property portfolio where the borrower required expediency, and lender stepped up, acted accordingly, and closed the loan on time.” Auerbacher said.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
