CINCINNATI, OHIO (April 11, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office negotiated the $7.5 million refinance of River Bend Apartments. The 120-unit multifamily property is located at 163-181 Anderson Ferry Road in Cincinnati, Ohio. The transaction was structured with a 15-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
“The River Bend Apartments refinance is a great transaction story. Our client purchased the property in 2016 and began a full renovation of the property, updating units as tenants vacated. We initially took the refinance request out to market early in 2020 when the renovations were about 65-70 percent complete with the goal of a forward rate lock with funding to occur upon completion of the renovations in 4Q2020,” said Juran. Lenders said it was too early and they wished to see further stabilization prior to issuing a quote. NorthMarq did have one lender who was very interested and continued to follow up with them throughout 2020. As unit renovations approached 90 percent completion in November 2020, NorthMarq checked back with this correspondent life insurance company lender who was now ready to move on the deal.
“We worked closely with the lender to issue an aggressive proposal that provided the requested loan proceeds, a very attractive interest rate and deal structure. The borrower jumped on it immediately, we locked the rate in just two days, and the loan closed on time and as outlined in the application,” said Juran.
River Bend Apartments is located just minutes from Downtown Cincinnati nestled up on a hill overlooking the Ohio River. The property was built in 1971 (with major renovations performed from 2016-2020). The property offers beautifully appointed 1- and 2-bedroom apartments with five unique floor plans. The property was completely renovated over the last few years including like-new interior units and a new club house. Other renovations include: new roofs, new windows, new water heaters, the addition of a fitness facility, and major pool repairs. Unit renovations include a full transformation to a like-new product with open-concept floor plans, the addition of washers and dryers to every unit (previously each building had a laundry room), water and gas sub-meters for every unit, electric panel replacement and update in every unit, the transformation of half-baths to full baths, LVT plank flooring in entry, baths and kitchens, comfort height toilets, Kohler plumbing finishes, floor-to-ceiling tile, SS appliances, modern cabinet upgrades with laminate countertops and marble vanity tops, faux wood 2” cordless blinds, and 6-panel interior doors.