Columbus Community Lands Refi
Gelt Financial provided a two-year loan for the 152-unit, non-stabilized rental community.
Gelt Financial has completed a $3 million first mortgage for Crown Pointe Apartments, a 152-unit community in Columbus, Ohio, one of the Midwest’s best-performing housing markets.
The company provided the owner, a private investor, with a two-year loan for the non-stabilized Class C asset, which is close to a complete repositioning. Proceeds will go toward completing property improvements. According to Yardi Matrix data, Crown Pointe’s previous debt was a $2.8 million loan from a private lender.
Located at 3473 Derrer Hill Drive in the Greater Hilltop submarket, the community consists of eight two-story buildings developed in 1989 on a 9-acre parcel. The unit mix features one- and two-bedroom floorplans averaging 742 square feet. Amenities include a playground, picnic area with barbecue and covered parking. CLMS Management Services manages the property.
The pet-friendly community is some 6 miles west of downtown Columbus, just south of U.S. Route 40.