Auerbacher of NorthMarq originates $18.6 million bridge loan for Ohio portfolio

Elliot Auerbacher, vice president of NorthMarq's New York City Metro regional office, arranged a bridge loan of $18.6 million for the acquisition of a portfolio of affordable housing properties located in Ohio. The portfolio consists of eleven affordable housing, 100% Section 8 properties with a combined total of 850 units. Ten properties are located in Cincinnati and one is in Lima. Financing was based on a 12-month interest-only term. NorthMarq arranged this financing for the borrower through its relationship with a hard-money bridge lender. "This was an eleven property portfolio where the borrower required expediency, and lender stepped up, acted accordingly, and closed the loan on time," Auerbacher said.