CINCINNATI—Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, completed acquisition financing of $10.3 million for Fox Run & Matador North Apartments. The two separate properties have a collective unit count of 317-units.
Fox Run is located at 1840 McCullough Drive and the Matador North Apartments are located at 1053 Winburn Drive, both in Lexington, Ky., about 0.5 miles from each other. The transaction combined the collateral into one mortgage, which was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed-rate loan for the borrower through its in-house Fannie Mae team.
Fox Run Apartments is a 146-unit apartment complex comprised of studio, one-, two- and three-bedroom units. The apartments were built in 1972 with unit renovations since throughout the seven buildings and the clubhouse. The average size of each unit is 956 s.f. Unit amenities include unit balconies, in-unit dishwashers, microwaves, and refrigerators. The property amenities include picnic areas, onsite laundry facilities, breakfast/coffee concierge, playground, and onsite property manager.
Matador North Apartments is a 171-unit apartment complex comprised of studio, two- and three-bed units. The average unit size is 1,130 s.f. The apartments were built in 1970 with unit renovations since then, which include renovations to the units, clubhouse, office and landscaping. Unit amenities include balconies, dishwashers, microwaves, washer/dryer hookups and refrigerators. Property amenities include picnic areas, playground, onsite laundry facilities, breakfast/coffee concierge, and onsite property manager.
“We worked with our in-house Fannie Mae team who structured these two communities into one maximum leverage loan. This was a great loan for our client who locked in an extremely low 10-year fixed interest rate with one year of interest-only,” Juran said.
The two communities are less than 0.5 miles from one another, located in the northeast corner of the Lexington MSA right off interstate 64, a major artery connecting Lexington to Louisville, and 4.3 miles from the central business district.