New York, NY — May 10, 2017 — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac loan facility to finance the acquisition of a multifamily property located in Columbus, Ohio.
The District at Tuttle Apartments is a garden-style multifamily property with 228 units that is located on a 16-acre site at 4020 Cyber Avenue. The property consists of 26, two- and three-story residential buildings and a clubhouse.
The borrower is District One II, LLC, a Delaware limited liability company, backed by Rod Wilt, Scott W. Coy, Lisa Boyd, Brian Uffelman, and the Uffelman Business Distributions Trust. The loan has a seven-year term amortizing over 30 years with two-years of interest-only.
“The District at Tuttle Apartments was built in 2014 and 2015 and is in excellent condition with a superior amenity package,” commented Gregory Cazel, Managing Director at Hunt Real Estate Capital. “The property also benefits from good visibility and curbside appeal.”
Property amenities include a business center, game room, café, state-of-the-art fitness center, and swimming pool. Parking is furnished on site via 422 parking spaces. The District at Tuttle Apartments contains a mix of one-bedroom, two-bedroom and three-bedroom apartments.
The District at Tuttle Apartments is located on the border between the Dublin and Hilliard submarkets which are located in the northwestern quadrant of Columbus. The local area is composed of primarily multifamily and single family residential uses with some commercial uses.
“The sponsors are seasoned multifamily investors that are well versed in the local market,” added Cazel. “They are new Hunt Real Estate Capital clients. We were pleased to deliver this financing for such a solid investor and hope to partner with them again as we expand our local presence.”