Multifamily - Debt

NorthMarq’s Cincinnati office finalizes $4,597,500 refinance of Southwest Ohio rental housing portfolio

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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.