Hunt Mortgage Facilitates $7M Refi for Multifamily Property

The Freddie Mac loan will be used to refinance Stone Crossing Apartments, a 142-unit apartment community in Springfield, Ohio.
Stone Crossing Apartments in Springfield, Ohio

Stone Crossing Apartments in Springfield, Ohio

Springfield, Ohio—Hunt Mortgage Group recently announced that it has provided a Freddie Mac loan facility totaling $7.4 million to refinance a multifamily property in Springfield. The borrower is JRM Springfield Holdings, a Delaware LLC organized by Columbus-based JRM Equities Inc.. The seven-year, variable rate loan was sourced and placed by MSF Real Estate Capital Inc., also based in Columbus.

Located at 2880 Dwight Road, Stone Crossing Apartments is just 2 miles northeast of downtown Springfield and about four miles northwest of the I-70/U.S. 40 interchange. According to Yardi Matrix data, the property was built in two phases, in 1967 and 2007. Currently, the 142–unit garden-style apartment community incorporates 15 residential buildings, a leasing office and a maintenance shed. The community initially consisted of 30 units, but four decades later, 112 units were added.  The unit mix consists of 24 two-bedroom, one-bath apartments, six three-bedroom, one-and-one-half-bathroom apartments, as well as 112 two-bedroom, one-and-one-half-bath units. Property amenities include on-site management, an outdoor swimming pool, a lake and 236 parking spaces.

Stone Crossing Apartments in Springfield, Ohio

Stone Crossing Apartments in Springfield, Ohio

“The sponsors are seasoned multifamily investors who have completed extensive renovations and expansions of this property to better serve the local market. They are new Hunt Mortgage Group clients. We were pleased to deliver this financing for such a solid investor and hope to partner with them again as we expand our local presence,” said Gregory Cazel, managing director at Hunt Mortgage Group, in a prepared statement.

At the end of August 2016, Hunt Mortgage Group also facilitated a bridge loan for the refinance of a 920-unit multifamily portfolio throughout Texas. Headquartered in New York City, the company has structured more than $21 billion of loans since inception and today maintains a servicing portfolio of more than $12 billion.

Images courtesy of Yardi Matrix