CINCINNATI, OHIO (July 13, 2020) – Noah Juran, senior vice president/managing director in NorthMarq’s Cincinnati office finalized the $10.5 million refinance of Postbrook East Apartments. The 296-unit multifamily property is located at 9265 East 41st Street in Indianapolis, Indiana. The transaction was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“The borrower purchased this property in 2018 with the plan to create additional value and cash flow by renovating the property and implementing better property management. After the borrower successfully executed the ‘value-add’ of the property, NorthMarq contacted one of our best bank relationships for permanent financing. We worked closely with the lender to secure a 10-year fixed rate loan that refinanced the original acquisition-bridge loan. The borrower was thrilled with the loan that included a very low 10-year fixed rate and a 30-year amortization,” said Juran.