Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided the funds needed to refinance two multifamily apartment communities located in Columbus, Ohio. The loan is comprised of a $19.5 million conventional multifamily mortgage via the Fannie Mae DUS® loan program, and an on-book mezzanine loan in the amount of $1.42 million provided by Hunt.
The properties include:
· The Reserve at Walnut Creek. Located at 5930 Sunbury Road in Gahanna, Ohio, The Reserve at Walnut Creek is comprised of seven buildings with a total of 148 units. Built in 2014, the property offers all Class A units and property amenities include: a clubhouse, movie-theater, 24-hour fitness center, garages, and a pool for residents.
· The Ravines at Rocky Ridge. The Ravines at Rocky Ridge is located at 5700 Rocky Ridge Landing Drive in Westerville, Ohio and offers a total of 136 apartments. Built in 2014, property amenities include: a clubhouse, fitness center, recreation room, pool with sundeck and parking garages.
“The Reserve at Walnut Creek and The Ravines at Rocky Ridge are both located 10 miles north of Columbus, however they are separated from one another by roughly four miles,” noted Gregory Cazel, Managing Director at Hunt Mortgage Group. “The borrower is an experienced commercial real estate and multifamily investor who purchased both of these approximately two years ago. Our loans enabled him to pay off the higher priced acquisition loans that were in place.”
The loan terms include a 10-year fixed-rate loan, amortizing over 30-years with yield maintenance for 9.5 years and no interest-only. Currently the properties are each held by a single-asset entity.
“The loan package is what is truly unique about this deal,” added Cazel. “Only a handful of lenders can combine a conventional multifamily and mezzanine loan in the same structure. This enabled the borrower to lock in long-term, fixed-rate financing and refund some of the equity he had put into the deals.”