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 $6 million to refinance a multifamily property located in Lakewood, Ohio.
Harbour View is a 131-unit multifamily mid-rise property located at 1370 Sloane Avenue. The property was built in 1971, consists of one, nine-story apartment building, and is currently 98 percent occupied.
The borrower is Harbour View Associates, Ltd. The financing is a ten-year fixed rate loan with 30-years of amortization followed by a standard yield maintenance prepayment with the last three months open to prepayment.
“The borrower is an experienced local investor and a repeat Hunt Real Estate Capital client,” noted Daniel Eibler, Director at Hunt Real Estate Capital. “They have two other Hunt Real Estate Capital and Freddie Mac loans that were closed earlier this year – Cross Creek Apartments and Surrey Park Apartments.”
The borrower has invested more than $1 million in capital improvements over the last five years. Improvements include new appliances, cabinetry, carpeting, contract repairs, elevator upgrades, flooring, furniture, painting and a new roof.
Lakewood, Ohio is part of the Cleveland-Elyria-Mentor MSA. Lakewood is a suburb situated immediately to the west of the city of Cleveland.
“Harbour View is located in a nice area of Lakewood on a waterfront parcel, with a bus-stop in front of the property the enables easy access to employment and amenities nearby,” added Eibler. “We were pleased to deliver this new loan for a repeat quality local borrower.”
The unit mix consists of one studio apartment, 97 one-bedroom units, and 34 two-bedroom units for a total net rentable area of approximately 82,041 square feet. On-site amenities include a common laundry, elevators, fitness center, clubhouse, and storage units.
The deal was brought to Hunt Real Estate Capital by Kathryn Cassidy of JS MultiCapital Corporation.