Northmarq Cincinnati closes on $6,750,000 in refinancings for repeat client

CINCINNATI, OHIO (October 6, 2022) – Noah Juran, managing director of Northmarq's Cincinnati office, closed a combined $6.75 million in refinancings for two deals with a repeat client. The financing was arranged via a correspondent life company lender. Madison & Riddle Apartments and Sutton Place Apartments exemplify the current Cincinnati apartment market: well-located and well-managed properties with reasonable rates that maintain full occupancy. 

“The borrower invested into unit renovations and property improvements and was seeking a return of equity from both refinances,” said Juran. “We were as able to source loans that provided the requested cash-out while locking in low, long-term fixed rates in a rising rate environment.”

Madison & Riddle Apartments: This portfolio comprises two properties totaling 72 units (52-student housing units). The transaction was structured with a fully amortizing 25-year term. The properties are located at 5015-5017 Madison Road and 506-508 Riddle Road in Cincinnati, Ohio.

Sutton Place Apartments: This property contains 59 units and is 100 percent occupied. The transaction was structured with a 7-year term with 2-years of interest only on a 30-year amortization schedule. The property is located at 1732 Sutton Avenue in Cincinnati, Ohio.