Hunt Mortgage Finances Acquisition of 202-Unit OH Property
Hamilton Real Estate Capital will use the $7.6 million Fannie Mae loan to purchase Sutton Square Apartments, a 29-building community in southeast Columbus.
By Laura Calugar
The Sutton Square Apartments in Columbus, Ohio
Hunt Mortgage Group has provided a $7.6 million conventional Fannie Mae loan to finance the acquisition of a 202-unit multifamily property in Columbus, Ohio. According to Yardi Matrix data, Hamilton Real Estate Capital is the owner of the property. Loan features include a 15-year term, one year of interest-only payments and a 30-year amortization schedule. At the time of sale, the property was 95 percent occupied.
Located at 1789 Elaine Road, Sutton Square Apartments sits on more than 13 acres and provides convenient access to downtown Columbus. The junction of interstates 70 and 270 is just a few minutes away from the property. The 29-building community features 116 one- and 86 two-bedroom units, and shared amenities include a playground, laundry facilities and 350 parking spaces.
“Despite the age of the property—it was built in 1968—it is only in need of moderate upgrades, which will be taken care of after closing,” said Hunt Mortgage Group Vice President Chris Davis, in a prepared statement.
Image courtesy of Yardi Matrix
