Northmarq Cincinnati secures $2.6 million acquisition financing for Sandbank Industrial Building

CINCINNATI, OHIO (January 5, 2022) - Jeff Dietz, senior vice president in Northmarq's Cincinnati regional office, secured the $2,550,000 funding to provide acquisition financing for Sandbank Industrial, a 108,014 sf, two-building, industrial asset located at 1 & 4 Sandbank Road in Ludlow, Kentucky. The transaction was structured with a 5-year term amortizing over 30-years. Dietz arranged the loan for a new client through a correspondent life company.

Northmarq got involved late in the process after the out-of-state buyer could not find suitable financing on their own. "We worked quickly to source multiple quotes and moved forward with a reliable lender who could: (1) close the loan by year-end 2021 (requirement of the seller) and (2) provide flexible prepayment terms and partial recourse at the requested loan amount. The year-end closing time constraint was met through clear and constant communication and strict attention to all lead items including third party reports. The lender was happy to add this stable asset to their portfolio," explained Dietz.