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.
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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.
