DEAL OF THE DAY: Green Park Financial Provides $3.79M Refinance Loan to 110-Unit Complex
- Jan 29, 2008
By Anuradha Kher, Online News EditorCincinnati –Green Park Financial provided a $3.79 million refinance loan to Magnolia Pointe Apartments located in on Old State Route 74 in Cincinnati.Magnolia Pointe (pictured), built in 1964 and renovated in 2003, is a two- to three-story garden-style apartment complex with 110 units. The property had 90 percent occupancy at closing of the deal.Rents for one-, two-, and three-bedroom apartments range in rent from $485 to $800. Amenities include storage, swimming pool, laundry, playground and a barbecue space.Will Baker, assistant vice president of Green Park Financial, tells MHN, “We provided this refinance loan to Magnolia Pointe because the project is well-managed, well-maintained and has good historical occupancy rates.”Green Park Financial structured the loan with a 10-year term, two years of interest, with payments followed by a 30-year amortization. The loan was underwritten to a 78 percent loan-to-value with a 1.20x debt-service coverage ratio.