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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
