HMG Arranges $24M Refi for 3-Property Portfolio in Ohio
The properties include The Ridge at Taylor Station, Fox Run Apartments and Parkway Apartments.
By Irina Vrasmas
The Ridge at Taylor Station, Columbus, Ohio
Columbus, Ohio—Hunt Mortgage Group recently provided three Fannie Mae loans totaling $24.1 million to refinance a three-property portfolio in the state of Ohio.
Jeffrey Morris, president of Columbus-based MSF Real Estate Capital, brokered all three transactions.
The properties include:
The Ridge at Taylor Station, located at 321 Directory Drive in Columbus. Hunt Mortgage provided a $6 million Fannie Mae loan to refinance the property, with a 10-year term, 30-year amortization period and a 9.5-year yield maintenance period. The 192-unit, garden-style community comprises eight three-story residential buildings and a separate leasing office. Residents have access to an outdoor picnic area, pool, playground, basketball court and laundry facilities. The borrower, which acquired the asset in 2000, was sponsored by Perry-Sycamore LP.
Fox Run Apartments, built between 1986 and 1997, is a 192-unit, garden-style apartment community located at 1361 Fox Run Drive in Willoughby, Ohio. Property amenities include a fitness center, barbecue and picnic area, playground and 436 parking spaces. This transaction was structured with a 10-year term with 9.5-years yield maintenance and 30-year amortization. Ohio-based Friedman Properties Ltd. was the borrower.
Parkway Apartments is a 112-unit, garden-style community located at 1215 Village Drive in Willoughby, Ohio. Hunt provided a $5.3 million Fannie Mae loan to refinance the property, and the transaction was structured with a 10-year loan period, with a nine-year yield maintenance and 30-year amortization period. The borrower was Ohio-based Lake Forest Village Ltd.
Image courtesy of Yardi Matrix
