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NorthMarq Arranges Refi on Trinity Park in St. Louis
NorthMarq’s Cincinnati and St. Louis offices collaborated to complete a $13-million refinance of the 490-unit Trinity Park Apartments in St. Louis. Noah Juran, managing director of NorthMarq’s Cincinnati office, worked with managing director David Garfinkel in the St. Louis office to secure the refi.
The transaction was structured with a three-year term with two yearsof interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
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.
“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,” said Juran. “We sourced a loan that fulfills both needs.”
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- ◦Financing
