NorthMarq’s Cincinnati office arranges $12.92 million in financing for two multifamily properties in Cincinnati and Columbus, Ohio
CINCINNATI, OHIO (August 19, 2020) – Noah Juran, managing director of NorthMarq’s Cincinnati office arranged financing of $12.92 million in financing for two multifamily properties. Colonial Park Townhomes is located in Columbus, Ohio and North Creek Apartments is located in Cincinnati, Ohio. NorthMarq, a Fannie Mae DUS lender, secured both transactions for the same borrower.
“The borrower had several years remaining on the existing loan but wanted to refinance this property to take advantage of the low interest rate environment and pull out some cash,” said Juran. “We put the deal under application at the end of June and rate locked and closed before the end of July - and locked in a final note rate of 2.98 percent. It was a smooth process and we avoided any issues related to COVID-19.”
Colonial Park Townhomes: NorthMarq arranged the 6.66 million refinance of Colonial Park Townhomes. The 160-unit multifamily property is located at 5421 Lonsdale Place North in Columbus, Ohio. The transaction was structured with a 10-year term with 2-years of interest only, followed by a 30-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower through Fannie Mae.
North Creek Apartments: NorthMarq negotiated the $6.26 million refinance of North Creek Apartments. The 142-unit multifamily property is located at 1558-1568 Galbraith Road in Cincinnati, Ohio. The transaction was structured with a 10-year term with 1-year of interest-only, followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through Fannie Mae.
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