Multifamily - Debt

NorthMarq’s Cincinnati and St. Louis offices collaborate to complete $13 million refinance of Trinity Park Apartments in St. Louis, Missouri

CINCINNATI, OHIO (November 9, 2020) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office worked with David Garfinkel, senior vice president/managing director in NorthMarq’s St. Louis office to secure the $13 million refinance of Trinity Park Apartments. The multifamily portfolio contains a total of 490 units and is located at 11043 Mollerus Drive and 11065 Dunklin Drive in St. Louis, Missouri. The transaction was structured with a 3-year term with 2-years of interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. 

This deal embodies NorthMarq’s collaborative culture: Juran was working with an East Coast based client on a deal in the Midwest and partnered with Garfinkel in St. Louis to bring a relationship bank lender to the deal who provided an excellent loan. 

“The borrower’s high interest rate bridge loan was nearing maturity and they sought a loan that met two needs: lower the interest rate, and provide additional time for the property to stabilize. We sourced a loan that fulfills both needs and the new loan will save the borrower millions of dollars in interest over the loan term,” said Juran. 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.