NorthMarq’s Cincinnati office completes $2.95 million refinance of Indiana retail portfolio
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.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
