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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.