Hunt Real Estate Capital announced today it provided a Freddie Mac Small Balance Loan in the amount of $6.4 million to refinance a multifamily property located in Columbus, Ohio.
Timber Trail Townhomes is comprised of 12 two-story, garden-style buildings offering a total of 103 residential units located at 2428 Timber Trail Drive and 4120 Cleveland Avenue. The property was built in 1973 and is situated on a 5.8-acre site. The community features two-bedroom, two-bathroom units and is 93% occupied.
The borrower is Timber Trail SIG LLC, an Ohio Limited Liability Company. The financing is a 10-year fixed-rate loan with a 30-year amortization schedule. Jim Vance of BlueMark Capital was the mortgage banker for this transaction.
“The borrowers are seasoned real estate investors with more than 30 years of combined commercial real estate lending experience,” noted Daniel A. Eibler, Managing Director at Hunt Real Estate Capital. “They are also very knowledgeable about the local market with vast experience in developing and managing real estate in the Ohio market and surrounding area. Today they manage a portfolio valued at over $46.7 million.”
“Timber Trails offers local residents high-quality workforce housing,” added Eibler. “We were pleased to provide the financing to secure this property for a solid, local investor.”
Property amenities consist of a leasing office, central laundry room, and in-ground swimming pool with sun deck that is located south of the leasing office building.