Noah Juran, senior vice president/managing director, and Chase Dawson, vice president, of NorthMarq’s Cincinnati office arranged the $4.59 million refinance of a rental housing portfolio throughout Southwest Ohio consisting of 50 units.
The transaction was structured with a 10-year term on a 20-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower through its relationship with a regional bank.
NorthMarq marketed the portfolio to several local and national lenders and ultimately secured a fixed-rate loan at a 75 percent LTV that accomplished both of the borrower’s goals. The loan also provided substantial prepayment flexibility and there is no requirement for ongoing replacement reserves.