Hunt Mortgage Group Refinances Two Retail Shopping Centers located in OhioNew York, NY — June 11th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided two loans totaling $17 million to refinance two retail shopping centers located in Ohio. The loans were arranged through Hunt Mortgage Group’s Proprietary Loan team, the firm’s new balance sheet lending platform.
“Our new Proprietary Loan platform was created to provide balance sheet loans to finance properties in numerous asset classes,” explained Daniel J. Wolins, Managing Director and Chief Credit Officer for commercial real estate at Hunt Mortgage Group. “This includes: manufactured housing, healthcare/senior housing, office, retail, industrial and self-storage facilities.”
The two properties include:
- Hunter’s Run Centre. Hunt Mortgage Group provided a $9.7 million loan to Pickerington Plaza, Ltd. to refinance Hunter’s Run Centre, which is comprised of a three-building, single-story, Class B multi-tenant shopping center situated on a 9.729 acre parcel. With a footprint of 88,646 square feet, Hunter’s Run Centre is located at 1720-1750 Hill Road North in Pickerington, Ohio. Pickerington is a southeast suburb of Columbus. The property is currently 98.2% occupied by fifteen tenants.
The loan carries a 10-year term and 30-year amortization schedule, with three years interest only. The Property is managed by Plaza Properties, Inc., a borrower-affiliated entity. Hunter’s Run Centre is laid-out in a continuous strip with two buildings located on
out-parcels at the front of the property. It is anchored by Bed Bath & Beyond and Barnes & Noble with two out-parcels occupied by Longhorn Steakhouse and Pizzeria Uno Restaurant. The property was built in 2000 and the deal was brokered by Chip Neal with Bellwether Enterprise.
- North Court Shoppes. Located at 1100-1138 North Court St. in Medina, Ohio, North Court Shoppes is a three-building single-story, Class B retail shopping center situated on a 5.938 acre parcel. Medina is within the influence of the Cleveland-Elyria Metropolitan Statistical Area. Hunt Mortgage Group provided a $7.3 million loan to Omni Liberty Tree LLC II for the refinance of this 48,754 square foot property. North Court Shoppes is currently 93.3% occupied by sixteen tenants.
The loan carries a 10-year term and 30-year amortization schedule, with one year interest-only. The property is managed by Premiere Property Management, a borrower-affiliated entity. Two of the buildings were constructed in 1989, and the third in 2002. The buildings have an “L” shaped design/layout. One building runs perpendicular to the street while other two are parallel to it. Most of the tenants have occupied the property for more than five years and the tenants represent an array of sectors and include a Party Station, Key Bank, Romeo’s Pizza shop, UPS, AT&T, Snap Fitness, Romeo’s Pizza, and KFC. The deal was brokered by Steve Shore with BlueMark Capital.
“Both Hunter’s Run Centre and North Court Shoppes are well located along corridors where retail and commercial services are readily available and in demand,” said Daniel A. Eibler, Director at Hunt Mortgage Group. “Both properties also benefit from a stable tenant base for which the majority have significant time left on their leases. In addition, the tenants are largely well-known, national names with a solid stable reputation for success.”
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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 23 locations throughout the United States.