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. 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.
Madison & Riddle Apartments: This portfolio comprises two properties totaling 72 units (52-student housing units). The transaction was structured with a fully amortizing 25-year term. The properties are located at 5015-5017 Madison Road and 506-508 Riddle Road in Cincinnati, Ohio.
Sutton Place Apartments: This property contains 59 units and is 100 percent occupied. The transaction was structured with a 7-year term with 2-years of interest only on a 30-year amortization schedule. The property is located at 1732 Sutton Avenue in Cincinnati, Ohio.