Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a conventional Fannie Mae DUS loan in the amount of 7.6 million to finance the acquisition of a multifamily property located in Columbus, Ohio.
Sutton Square Apartments is comprised of 29, two-story residential buildings, plus a standalone maintenance building, with a total of 202 units situated on a 13.179-acre lot.
The borrower is Hamilton Sutton Square, LLC, a Delaware limited liability company backed by three key principals, Thomas Kaplan. Daniel Glanz and Lance Falow. Loan terms include a 15-year term, one-year of interest-only payments and a 30-year amortization schedule.
“The borrower is a repeat Hunt Real Estate Capital customer, having closed another multifamily loan earlier this year,” commented Chris Davis, Vice President at Hunt Real Estate Capital. “Despite the age of the property – it was built in 1968 – it is only in need of moderate upgrades, which will be taken care of after closing.”
Sutton Square is located in southeast Columbus within the Columbus Metropolitan Statistical Area. The property is near direct access to downtown Columbus, making it a desirable location for tenants. The property is 95% occupied.
“We were pleased to provide the financing to secure this quality property for a repeat client in a quality multifamily market,” added Davis.