CINCINNATI (October 19, 2018) – Noah Juran, senior vice president at NorthMarq Capital’s Cincinnati regional office, arranged acquisition financing of $7.25 million for Postbrook East Apartments, a 296-unit multifamily property located in Indianapolis, Indiana. The bridge loan was structured with a two-year interest-only term. NorthMarq arranged financing for the borrower through a bridge lender and was able to close the loan in just 40 days from the date of application.
“The out-of-state borrower engaged NorthMarq to source the loan for their first deal in the Midwest—a value-add multifamily transaction in Indianapolis, Indiana,” explained Juran. “This was a challenging deal due to a number of issues at the property and a tight closing timeframe. We sourced several competitive quotes for the borrower and proceeded with a relationship lender who took the time to understand the borrower, property and value-add business plan.”