CINCINNATI (June 11, 2018) –Noah Juran, senior vice president of Northmarq Capital’s Cincinnati regional office, arranged refinancing of $4,750,000 for Ravenwood Apartments consisting of 192 units, located at 2220 Westwood Northern Boulevard. The transaction was structured with a 20-year term (with 3-years of interest only) on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.
“The borrower purchased the property in 2016 and created additional value through property renovations, management efficiencies and increased rents. We refinanced the Borrower’s existing bank acquisition loan with a 10-year, fixed-rate, non-recourse loan that included cash-out to the Borrower. Additionally, we locked the interest rate on the refinance at loan application just prior to the increase in the 10-year Treasury yield which saved the Borrower almost 0.5 percent on the interest rate,” said Juran.