Multifamily - Debt

NorthMarq Capital

Northmarq Capital arranges refinancing of $4.75 Million for Ravenwood Apartments in Cincinnati, Ohio

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.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.