MPE Partners Receives Funding to Acquire Cincinnati Apartments

Hunt Mortgage Group secured acquisition financing from Freddie Mac for 170 garden-style units on two parcels totaling about 8.5 acres. The property consists of eight residential buildings plus a leasing office and maintenance building.

moneyMPE 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.

β€œThe borrowers are veteran commercial real estate executives,” noted Daniel Eibler, director at Hunt Mortgage Group. β€œThey 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.”