NorthMarq Arranges Loan for Cincinnati Student Housing Portfolio
- Nov 29, 2016
by Laura Calugar
Cincinnati—NorthMarq Capital, a privately held commercial real estate financial intermediary, recently arranged acquisition financing of $4.7 million for the Clifton Quarters, a student community near the University of Cincinnati. The transaction is structured with a three-year, fixed rate loan and a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
The portfolio includes 18 properties with 136 beds, incorporating one-, two-, three- and four-bedroom units, as well as studios and parking spaces. Most units are within walkable distance from the Fifth Third Arena, Nipper Stadium and the University of Cincinnati. The community also provides easy access to interstates 71 and 75.
“The buyer, an out-of-state investor, was seeking a flexible, short-term loan to make improvements and increase cash-flow to this 18-property portfolio located at the University of Cincinnati. We arranged this loan through one of our strong bank relationships that included an attractive interest rate, a very flexible prepayment structure and 18-months of interest-only payments,” said Noah Juran, vice president of NorthMarq Capital’s Cincinnati-based regional office, in prepared remarks.
NorthMarq Capital has 36 offices across the U.S. and a loan portfolio of more than $47 billion.
Image courtesy of Clifton Quarters