Hunt Mortgage Group, 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 Mortgage Group client,” noted Daniel Eibler, Director at Hunt Mortgage Group. “They have two other Hunt Mortgage Group 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 Mortgage Group by Kathryn Cassidy of JS MultiCapital Corporation.