CINCINNATI, OHIO (September 22, 2020) – Noah Juran, managing director of NorthMarq’s Cincinnati office arranged the $5.8 million refinance of Sharonview Corporate Center. The 160,000 sq. ft. office property is located at 11499 Chester Road in Cincinnati, Ohio. The transaction was structured with a fully amortizing 25-year term. The permanent-fixed loan was arranged for the borrower through NorthMarq’s correspondent relationship with a life insurance company.
“This was a great loan for the borrower – they purchased the property in 2016 with the intent to increase occupancy and refinance into the permanent market. The plan came to fruition in 2020 as occupancy had increased 20 percent since purchase. We navigated COVID-19 and a lackluster permanent market for office properties to source a fantastic loan for the Borrower that included cash-out, limited recourse, and a fully amortizing 25-year loan term with the first 7 years fixed at 4.00 percent,” said Juran.