Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, secured acquisition financing of $10.2 million for two Governor’s Pointe Flex Buildings. The two properties encompass 154,775 square feet and are located at 4900 Parkway Drive and 4700 Duke Drive in Mason, Ohio.
The transaction was structured with a five-year term on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a regional bank.
The property is located directly off Mason-Montgomery road, a main north/south thoroughfare and just minutes off Interstate-71, a major artery connecting Cincinnati and Columbus. The property is a flex space with office and industrial offerings in a strong submarket. According to CoStar, the vacancy rate of this submarket is low at 1.20 percent and rents are forecasted to increase by 6 to 8 percent in fiscal year 2021.
The buyers approached NorthMarq on New Year’s Eve 2020 seeking assistance to source an acquisition loan after their previous lender re-traded the proposed loan terms. The buyers live out-of-state and needed to close quickly to meet their purchase contract deadlines. Given these two obstacles, NorthMarq leveraged a very reliable lender execution as the means to close on the transaction.
