Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today that it provided three Fannie Mae loans that total $24.1 million to refinance three multifamily properties located in Ohio.
“We re-established our presence in Chicago to expand our coverage of the Midwest region in the beginning of 2016 and have been focusing on ramping up our conventional agency businesses in the area,” explained Gregory Cazel, Managing Director at Hunt Real Estate Capital. “These three deals demonstrate our commitment to expanding our presence in the Midwest.”
The properties include The Ridge at Taylor Station, Fox Run Apartments and Parkway Apartments.
The Ridge at Taylor Station
Located in Columbus, Ohio, Hunt Real Estate Capital provided a $6 million Fannie Mae loan facility to refinance The Ridge at Taylor Station. The borrower is sponsored by Perry-Sycamore Limited Partnership. The Ridge at Taylor Station was acquired by the borrower in 2000 and the loan terms include a 10-year term, 30-year amortization period, and a 9.5-year yield maintenance period.
Built in 1974, the property was renovated by the current owners in 2004 and 2015. The property is a 192-unit garden-style multifamily facility comprised of eight three-story residential buildings, plus a standalone leasing office. Property amenities include an outdoor picnic area, pool, playground and a basketball court. The property clubhouse has laundry facilities and a party room that can be rented out.
Fox Run Apartments
Hunt Real Estate Capital provided a $12.8 million Fannie Mae loan to refinance Fox Run Apartments, a 192-unit garden-style apartment complex located in Willoughby, Ohio. The property is comprised of 12 two-story apartment buildings. The borrower is Friedman Properties, Ltd., an Ohio limited liability company. The transaction is structured with a ten-year term with 9.5-years yield maintenance and a 30-year amortization.
Fox Run Apartments was constructed between 1986 and 1997 and has 436 parking spaces. Project amenities include a fitness center, clubroom, a barbecue and picnic, playground and swing set.
Parkway Apartments is a garden-style multifamily property comprised of eight, two-story apartment buildings that contain a total of 112-units. The buildings were developed in 1970 and were renovated in 2014-2015. Hunt Real Estate Capital provided a $5.3 million Fannie Mae loan facility to refinance Parkway Apartments.
The borrower is Lake Forest Village, Ltd., an Ohio LLC. This transaction is structured with a ten-year loan with 9-years yield maintenance and 30-year amortization. The property has 206 parking spaces, two laundry rooms per building and a playroom.
“The borrower on these three deals are seasoned commercial real estate investors with multiple multifamily properties in their portfolios,” added Cazel. “The properties are all in good condition, well managed and enjoy low vacancy rates. We were pleased to deliver on these loans to three quality sponsors.”
All three deals were brought to Hunt Real Estate Capital by Jeffrey M. Morris, President of Columbus, Ohio-based MSF Real Estate Capital who brokered the deals.