Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance loan in the amount of $4.7 million to refinance a multifamily property in Columbus, Ohio.
Located at 4701 Tamarack Boulevard, the Lodge Apartments was built in 1974 and has a total of 140 units comprised in eight, two-story buildings. The property currently houses 50 tenants with Section 8 housing authority vouchers. The borrower is a Florida limited liability company.
“The borrower is a veteran commercial real estate executive with more than 40 years of experience in developing, owning and managing income producing properties, including: apartments, retail and industrial warehouse facilities,” commented Daniel Eibler, Director at Hunt Real Estate Capital. “In addition, the borrower has invested significantly over the past three years to improve the property and has successfully managed The Lodge Apartments for ten years.”
Recent improvements include: new appliances, flooring, cabinetry, replacement of doors, paving, plumbing fixtures, security cameras, HVAC upgrades, partial roof replacement, and property fencing.
The mortgage banker on this transaction was Chip Neale of Bellwether Real Estate Capital.
“Physical occupancy has averaged 99% over the last 12 months and the property is in good condition,” added Eibler. “We were pleased to fund the refinancing of this property. Hunt Real Estate Capital fully supports the need for quality affordable housing in this local market and in other markets across the nation.”
The Lodge Apartments is located in a north suburban Columbus neighborhood known as Northland and is part of the Forest Park East submarket. Land uses and development in the immediate area consist of single-family and multifamily residential properties, and retail, office and institutional properties.