CINCINNATI, OHIO (March 31, 2021) – Noah Juran, senior vice president/managing director and Chase Dawson, vice president of NorthMarq’s Cincinnati office arranged the $4,597,500 refinance of a rental housing portfolio located throughout Southwest Ohio consisting of 50 units. The transaction was structured with a 10-year term on a 20-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower through its relationship with a regional bank.
“This was a difficult deal to place due to the asset class (26 single-family rentals and one apartment property), scattered sites, and the COVID pandemic’s substantial impact on the lending and banking marketplace. Additionally, the borrower wanted to pull cash out to pay off partners and substantially lower the interest rate,” said Dawson.
NorthMarq marketed the portfolio to several local and national lenders and ultimately secured an attractive fixed rate loan at a 75 percent LTV that accomplished both of the borrower’s goals. The loan also provided substantial prepayment flexibility and there is no requirement for ongoing replacement reserves.