MPE Partners LLC, a single-purpose, Ohio Limited Liability Co., has obtained financing to acquire Magnolia Pointe and Eastgate Gardens, which form a single apartment community. The property is in the eastern part of Cincinnati.
Magnolia Pointe and Eastgate Gardens total 170 garden-style units on two parcels, or about 8.5 acres. The property includes eight two-story apartment buildings and a one-story leasing office/maintenance building.
The property offers one-, two- and three-bedroom units, with 391 onsite parking spaces. Common amenities include a pool, landscaping, and asphalt-paved parking areas. The buildings were built in 1969 and the property is 96 percent occupied.
Hunt Mortgage Group provided a Freddie Mac Small Balance loan totaling $5.9 million to enable to the acquisition. The loan is a 10-year fixed rate loan with one-year of interest only, followed by 30-years of amortization and a yield maintenance prepayment. The financing was coordinated by James Huff of C4 Financial.
“The borrowers are veteran commercial real estate executives,” noted Daniel Eibler, director at Hunt Mortgage Group. “They 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.”