CINCINNATI, OHIO (February 22, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office secured the $2.95 million refinance of a retail portfolio. The two properties, consisting of 40,000 sq. ft. are located at 1830 Rieth Boulevard in Goshen, Indiana and 1001 Parkway Avenue in Elkhart, Indiana. The transaction was structured with a 15-year term on a 22-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
“The borrower wanted to refinance these two properties to take advantage of the low interest rates life insurance companies are providing, as well as pull out some cash to re-invest into new properties,” said Juran. “Many lenders are not currently lending on retail properties; however, NorthMarq sourced several quotes from our relationship life insurance companies and the borrower ultimately selected a 15-year fixed-rate term at a very competitive rate. This was a great loan for the borrower and the life insurance company lender.”