NorthMarq Arranges Multifamily Refi
Cincinnati multifamily property receives $3 million refinancing through NorthMarq Capital.
By Anca Gagiuc, Associate Editor
Cincinnati—NorthMarq Capital finalized the $3 million refinance of Ferguson Woods Apartments, a 156-unit multifamily community offering one- and two-bedroom apartments. It is located at 2890 Four Towers Drive, close to major highways, downtown, and Clifton hospitals..
Susan Branscome, senior vice president & managing director in the Cincinnati office, handled the transaction, which was structured with a fully amortizing 20-year term. NorthMarq represented the borrower through a correspondent relationship with a life insurance company.
“This refinance of bank debt allowed the borrower to eliminate his recourse, (recapturing) equity placed in the property through the renovation,” Branscome said in a prepared statement. “The 20-year fixed rate was very competitive, allowing future cash flow to increase over many years to the owner.”