NorthMarq’s Cincinnati office secures acquisition financing of $7 million for Southland 75 Shopping Center in Dayton, Ohio
CINCINNATI, OHIO (August 12, 2019) – Noah Juran, senior vice president/senior director of NorthMarq’s Cincinnati-based regional office arranged acquisition financing of $7 million for Southland 75 Shopping Center, a 117,410 sq. ft. retail property located at 8265-8361 Springboro Pike in Dayton, Ohio. The permanent-fixed loan was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants include Dollar Tree, Once-Upon-A-Child, Hobby Lobby and Get Air Trampoline Park.
“The deal story of Southland 75 epitomizes NorthMarq's access to capital and strong lender relationships. The buyer, an out-of-state investor, was originally working with another mortgage banking firm that engaged a loan with a local bank,” said Juran. “At some point during the loan process (after the appraisal was completed) the bank re-traded the Borrower and changed the loan terms. The Borrower was then put in touch with NorthMarq and we knew exactly how to get the deal financed. We quickly did our due diligence and contacted one of our relationship regional bank lenders. They immediately saw the merits of the deal and we had it under application in just one day. The deal and closing process went very smoothly, as is typical with this bank lender, and we closed in just 42 days from the loan application date. It was a great deal for both the lender and the borrower.”
The transaction was featured in REJournals.com & Shopping Center Business.
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