NorthMarq’s Cincinnati office secures acquisition financing of $2,452,500 for Spring Creek Apartments in Springboro, Ohio

CINCINNATI (February 22, 2019) – Noah Juran, senior vice president/senior director of NorthMarq’s Cincinnati-based regional office, arranged acquisition financing of $2,452,500 for Spring Creek Apartments, a 66-unit multifamily property located at 475 Gilpin Road in Springboro, Ohio. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged the non-recourse, fixed-rate loan for the borrower through a permanent lender. The property benefits from close proximity to downtown Springboro, excellent shopping/dining opportunities at Austin Landing, easy access to I-75 and I-675 and Springboro schools.  

Apartment amenities include: kitchen, refrigerator, cat-friendly policy with additional deposit, dog-friendly policy based on breed and application/additional deposit, open floor plans, high-speed internet, air conditioning and tub/shower. Community amenities include: property manager on-site, pool, sundeck, laundry facilities, pet play area and smoke-free environment. 

“Our client was an out-of-state investor who was initially working with another firm. He was turned down by several banks and was running short on time as he was in a 1031 exchange and his closing deadline was approaching quickly,” said Juran. “NorthMarq stepped in and worked closely with a relationship lender to provide a loan that met the borrower's needs and provided more competitive terms than what the banks had initially offered. We worked very closely with the lender to close the loan in just 35 days from the application date ensuring the Borrower met his 1031 timeline.”