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NorthMarq Arranges Debt and Equity on Cincy Seniors Project
Noah Juran with NorthMarq’s Cincinnati office secured $24 million in debt and equity financing for Airy Hills at North Bend Crossing. The 82-unit senior housing property, the third and final phase of a development that was begun in the early 2000s, will be located at 5150 North Bend Crossing in Cincinnati.
NorthMarq arranged financing, which includes a three-year, interest-only term, for the borrower through its relationship with a regional bank. The financing included $18,200,000 of construction debt and $5,500,000 of equity.
“The deal had several challenges, and we spoke to over 40 lenders to source the most suitable lender for the construction financing—a lender who could not only provide the debt but also understand and consent to an atypical equity structure,” said Juran. “NorthMarq ultimately secured a proposal that met the needs of the borrower, the construction lender and the equity source.”
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