CINCINNATI, OHIO (January 24, 2019) – Noah Juran, senior vice president of NorthMarq’s Cincinnati office arranged financing for RED Apartments, a 298-unit multifamily property located at 5110 Herringbone Drive, in Cincinnati, Ohio. The transaction was structured with a 13-year term with 2-years of interest only, followed by a 33-year amortization schedule. NorthMarq arranged financing, which includes both a permanent and construction-permanent component, for the borrower through its correspondent relationship with a life insurance company.
Community amenities include: 24-hour fitness center, 3-acre dog park, close proximity to full-service pet resort, all-season grass pavilion with stage, bike storage, business lounge and business center with conference room, community recycling, concierge services, controlled access to parking garage, courtyard pool, fire pit, outdoor grilling station, smoke free community, resident lounge and gaming area and secured/assigned parking. Apartment amenities include: built-in work stations in studio and 2-bed, granite countertops in kitchen, granite/quartz countertops in bathroom, modern kitchen with two unique finishing packages, Shaw wood style flooring, walk-in closets, linen closet, high-speed internet access, Wi-Fi, washer/dryer, air conditioning, cable ready and tub/shower.
“The RED Apartments is one of the highest-quality suburban projects in the Cincinnati MSA and the project’s initial phase enjoyed an accelerated lease-up,” said Juran. “The initial phase was financed via a bank construction loan yet the borrower wanted to lock in a long-term fixed interest rate, access the value created from the development of phase one, and have available funds for the construction of phases two and three. NorthMarq fulfilled the borrower’s needs by sourcing a hybrid permanent/construction-permanent loan through a correspondent life Insurance company. The property’s strong lease-up, exceptional quality and hands-on ownership were key factors for the lender in facilitating the unique loan structure.”