CINCINNATI, OHIO (April 6, 2022) – Jeff Dietz, senior vice president in Northmarq’s Cincinnati office, secured $11,957,900 to finance the acquisition and improvements of the Tri Ridge Office Portfolio. The office property is comprised of 380,000 square feet amongst three buildings located at 6283-6287 Tri Ridge Boulevard in Cincinnati, Ohio.
The bridge loan facility surpassed the Borrower’s initial loan request by providing funding for 75% of the purchase price and 100% of the planned improvements to reposition and stabilize the office campus. The Lender was able to offer a competitive fixed rate option on a 3-year loan term with two years of interest-only before converting to a 30-year amortization schedule.
Dietz arranged the financing through Northmarq’s life company lending network. “Both the Borrower and Lender had flexibility to settle on loan terms that supported the project’s business plan,” said Dietz. “This flexibility resulted in a smooth closing, while positioning the project to succeed.”