Hunt Mortgage Group Refinances a Multifamily Property Located in West Chester, OhioNew York, NY — October 19th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $4.2 million Fannie Mae loan facility to refinance a multifamily property located in West Chester, Ohio.
Tall Timber Apartments is a garden style multifamily complex comprised of nine, three-story buildings and a total of 108 units. The borrower is Tall Timber Limited Partnership, an Ohio limited partnership and single asset entity. The transaction is structured with a 15-year term, 14.5-year yield maintenance period and 30-year amortization with 5-years of interest only.
“The borrower developed Tall Timber Apartments in 1989 and has successfully owned and operated it since construction,” said Steven Cox, Managing Director at Hunt Mortgage Group. “He is a repeat Hunt Mortgage Group borrower and this loan is being structured in conjunction with three additional mortgages.”
Tall Timber Apartments has 79,120 square feet of rentable space and is situated on a 9.62 acre parcel of land. The property contains all two-bedroom, one-bathroom units, as well as 218 open parking spaces.
“Tall Timber Apartments has maintained physical occupancy around 95% for the past 24 months, and the borrower plans to renovate all the units as tenants turn over,” added Cox. “The area surrounding the property is primarily residential, but it is well-located near grocery stores, public schools and highways. We were pleased to close this loan for a repeat Hunt Mortgage Group client.”
The property is located in West Chester, Ohio, in the Northeast submarket that is one of the oldest and strongest in the Cincinnati MSA.
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Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 191 professionals in 22 locations throughout the United States.