NorthMarq’s Cincinnati office negotiates $1.5 million refinance of Springbank Estate Apartments in Dayton, Ohio

CINCINNATI, OHIO (November 9, 2020) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office finalized the $1.5 million refinance of Springbank Estate Apartments. The 48-unit multifamily property is located at 4880 Springfield Street in Dayton, Ohio. The transaction was structured with a 10-year term on a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.  

This cash-out refinance is a great deal story. The borrowers, based in Canada and Hong Kong, purchased the property in 2018, their first multi-family apartment property in the United States. 

“We originally sourced acquisition financing with a bridge loan/lender in 2018 with the future goal of refinancing the property into a permanent agency loan after renovations were completed and the borrower increased the NOI,” said Juran. “The borrower executed their business plan and was ready for the permanent refinance in 1Q/2Q 2020; however, this took place during COVID and agency lenders pushed back on the deal due to the cash-out request. We worked with our network of correspondent life insurance companies to source a loan that provided cash-out, which allowed the borrowers to buy out their limited equity partners, and a long-term fixed interest rate.”