Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Northmarq Arranges Refi on Two Cincinnati Apartment Properties
Noah Juran, managing director of Northmarq’s Cincinnati office, closed a combined $6.75 million in refinancings for two deals with a repeat client. The financing was arranged via a correspondent life company lender.
Totaling 131 units, Madison & Riddle Apartments and Sutton Place Apartments exemplify the current Cincinnati apartment market: well-located and well-managed properties with reasonable rates that maintain full occupancy, Northmarq said.
For Madison & Riddle Apartments, Juran structured a transaction with a fully amortizing 25-year term. The Sutton Place Apartments transaction was structured with a seven-year term with two years of interest only on a 30-year amortization schedule.
“The borrower invested into unit renovations and property improvements and was seeking a return of equity from both refinances,” said Juran. “We were as able to source loans that provided the requested cash-out while locking in low, long-term fixed rates in a rising rate environment.”
- ◦Financing
