Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac loan facility in the amount of $7.4 million to refinance a multifamily property in Springfield, Ohio.
Located at 2880 Dwight Road, Stone Crossing Apartments is a 142–unit garden-style apartment complex comprised of 15 residential buildings, a leasing office and maintenance shed. The borrower is JRM Springfield Holdings LLC, a Delaware limited liability company organized by JRM Equities, Inc. which is based in Columbus, Ohio and controlled by Jeffery M. Morris. The loan was sourced and placed by MSF Real Estate Capital, Inc., also based in Columbus. The new loan is a seven-year, variable rate loan.
“The borrower acquired the property in 2008. At that time the property was comprised of 36 units that were built in 1967,” commented Gregory Cazel, Managing Director at Hunt Real Estate Capital. “Upon acquisition, the borrower demolished six of the units, renovated the remaining 30 and built an additional 112 units.”
The new units are all 989 square feet two-bedroom, one-and-a-half-bathroom garden-style units. They were built adjacent to the 30 existing units — 24 two-bedroom, one-bathroom units with 1,011 square feet, and six three-bedroom, one-and-a-half-bath units at 1,295 square feet.
The property is located two miles northeast of downtown Springfield, about four miles northwest of the I-70/US 40 interchange. Property amenities include: on-site management, an outdoor swimming pool and a lake. The property also has 285 parking spaces, including 279 open surface spaces and 6 carports.
“The sponsors are seasoned multifamily investors who have completed extensive renovations and expansions of this property to better serve 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.”