NorthMarq Capital has arranged a $5 million refinance for Lytle Tower in downtown Cincinnati. The loan was structured with a 20-year term on a 30-year amortization schedule. Noah Juran, senior vice president of NorthMarq’s Cincinnati regional office, arranged the transaction on behalf of the borrower, Rookwood Properties.
According to Yardi Matrix data, the property was originally built in 1920 and functioned as a hotel until 1960, when it was converted into residential. The community is located at 405 Broadway St. in an opportunity zone and encompasses 115 studio and one-bedroom units whose floor plans range from 345 to 520 square feet. Amenities include a completely renovated resident lounge, skyline and river view units, on-site restaurant and maid service. The building was approximately 96 percent occupied in May, with rents averaging $909 per month.
Lytle Tower provides immediate access to shopping, dining and entertainment, some of the main venues including Great American Ballpark, The Banks Entertainment District, The Aronoff Center for the Arts and Taft Theatre.
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