Christina Grimme, vice president in Northmarq’s Cincinnati regional office, closed the $6.3 million loan to finance the acquisition of Executive Plaza III, an 89,327-square-foot office building at 135 Merchant St. in the Cincinnati MSA.
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 percent 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.”
