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.