Multifamily - Debt

Northmarq Cincinnati closes $3.915 million in refinancings for a repeat client

CINCINNATI, OHIO (November 15, 2022) – Noah Juran, managing director, and Chase Dawson, vice president, worked together to close $3,915,000 in combined proceeds for two refinances with a repeat client. 

Amelia Vista Apartments
The borrower purchased Amelia Vista Apartments approximately five years and wanted to finish the final stages of the unit renovations and property improvements. They engaged Juran and Dawson to source a loan to maximize proceeds to reinvest into the property and lock in an attractive, long-term interest rate. Northmarq secured a strong quote from a local credit union that satisfied the client’s requests and was structured with a 70 percent LTV at an aggressive interest rate. The propertty is 88 percent occupied. 

Moss Creek Townhomes
The Borrower purchased this brand-new, multifamily asset upon construction completion in the second quarter of 2022. It is comprised of 14, 3-bedroom townhomes in southwest Louisville, Kentucky. Within a few months post-acquisition, the borrower leased up all 14 units. They then sought to recast the existing debt into a fixed-rate mortgage with a flexible prepay structure. Juran and Dawson capitalized on Northmarq’s relationship with a local bank to ultimately source a loan with very aggressive terms including an 80 percent LTV, open prepayment, and a locked interest rate from application through closing, amidst a rising interest rate environment. The property is 100 percent occupied. 

 

Northmarq is a full-service 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 a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.