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 $5.9 million to enable the acquisition of a multifamily property located in Cincinnati, Ohio.
Magnolia Pointe and Eastgate Gardens is a 170-unit garden style apartment complex consisting of a two parcels on 8.57-acres of land. The property is comprised of eight two-story apartment buildings and a one-story leasing office/maintenance building.
The loan is a ten-year fixed rate loan with one-year of interest only followed by 30-years of amortization and a yield maintenance prepayment. The borrower is MPE Partners, LLC, a single-purpose, Ohio Limited Liability Company.
“The borrowers are veteran commercial real estate executives with more than 80 years of combined multifamily ownership and management experience,” noted Daniel Eibler, Director at Hunt Mortgage Group. “The borrowers are also repeat Hunt Mortgage Group and Freddie Mac customers. We have delivered on three other loans for this borrower over the past two years. We were pleased to fund the acquisition of this property for a quality repeat borrower.”
The financing was coordinated by James Huff of C4 Financial.
Property amenities include a pool, concrete-paved walkways, landscaping, and asphalt-paved parking areas. The apartment buildings were constructed in 1969 and the property is 96% occupied.
Magnolia Pointe and Eastgate Gardens is located in the eastern portion of Cincinnati, in an area with multiple land uses, including office, single-family homes, multi-family apartments, and other commercial uses.
The property offers one-bedroom, two-bedroom and three-bedroom unit types. Parking is furnished on-site via 391 parking spaces.