Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office negotiated the $7.5 million refinance of River Bend Apartments in Cincinnati.
The 120-unit multifamily property is located at 163-181 Anderson Ferry Road. The transaction was structured with a 15-year term with one year of interest-only followed by a 30-year amortization schedule.
NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
River Bend Apartments is located just minutes from downtown Cincinnati on a hill overlooking the Ohio River. The property was built in 1971 (with major renovations performed from 2016-2020).
The property offers one- and two-bedroom apartments with five unique floor plans. The property was completely renovated during the last few years including like-new interior units and a new club house. Other renovations include: new roofs, new windows, new water heaters, the addition of a fitness facility, and major pool repairs.
Unit renovations include a full transformation to a like-new product with open-concept floor plans, the addition of washers and dryers to every unit (previously each building had a laundry room), water and gas sub-meters for every unit, electric panel replacement and update in every unit, the transformation of half-baths to full baths, LVT plank flooring in entry, baths and kitchens, comfort height toilets, Kohler plumbing finishes, floor-to-ceiling tile, SS appliances, modern cabinet upgrades with laminate countertops and marble vanity tops, faux wood 2” cordless blinds, and 6-panel interior doors.