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Northmarq Provides 80% LTV on Cincy Office Loan
Christina Grimme, VP in Northmarq’s Cincinnati regional office, closed a $6,300,000 loan to finance the acquisition of Executive Plaza III, an 89,327-square-foot office building located at 135 Merchant St. In the Cincinnati suburb of Springdale, OH.
The loan was structured on a 25-year term amortizing over 25 years. Northmarq arranged the financing through its relationship with a local bank.
“In a challenging office lending market, we were able to meet the client’s needs for high leverage acquisition financing with an 80% LTV loan with future funding for TILCs,” said Grimme. “The lender recognized the client’s existing foothold in the submarket and was able to offer a competitive fixed-rate loan while meeting the client’s close timeline.”
- ◦Sale/Acquisition
- ◦Financing
