HMG Arranges $24M Refi for 3-Property Portfolio in Ohio
- Sep 30, 2016
By Irina Vrasmas
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