11 Mar Cornovus Capital arranges a $37.4 million multifamily construction loan.
Cornovus Capital, a Cincinnati based commercial real estate finance advisory firm, is pleased to announce the closing of a $37.4 million construction loan for the redevelopment of office buildings into multifamily housing. The borrower will use the financing to convert the recently acquired office buildings, which were constructed in the early 1980s, into 129 apartments as well as add 97 rental townhomes on the 10.86-acre site.
Cornovus Capital advised and arranged the loan through a national, non-bank commercial mortgage lender. The loan featured non-recourse construction debt, competitive rates, increased loan proceeds and upon CO, the project will roll into an interest only Mini-Perm for up to 36 months.
For more than 25 years, Gerard Dehner, Managing Partner, Cornovus Capital, has arranged transaction financing for commercial real estate and business owners across the country. We work with established, long-term relationships, including Debt Funds, SBA, CMBS, Life Insurance Companies, Hedge Funds, Private Capital, Regional and National Banks. Cornovus Capital focuses on debt placement for improved commercial real estate properties, with a specialization in multifamily reposition, hospitality properties, and business finance transactions nationwide.
For more information, call Jerry Dehner, Managing Partner at 513-792-2727 or visit: www.cornovuscapital.com