Hunt Mortgage Provides $5M Refi for Affordable Property
- Dec 23, 2016
Columbus, Ohio—Hunt Mortgage Group recently announced that is has provided a Freddie Mac small balance loan of $5 million to refinance the Lodge Apartments, a multifamily property in Columbus. The borrower is a Florida limited liability company, while Bellwether Real Estate Capital provided the mortgage banker on this transaction.
Located at 4701 Tamarack Blvd., the Lodge Apartments is at a 10-minute drive from I-71 and almost 10 miles from downtown Columbus. The community is situated in Northland, a suburban Columbus neighborhood, and is part of the Forest Park East submarket. Built in 1974, the property has a total of 140 units spread in eight, two-story buildings. According to Yardi Matrix data, amenities include laundry facilities, private patios and 210 parking spaces. The property currently houses 50 tenants with Section 8 housing authority vouchers.
“Physical occupancy has averaged 99 percent over the last 12 months and the property is in good condition. We were pleased to fund the refinancing of this property. Hunt Mortgage Group fully supports the need for quality affordable housing in this local market and in other markets across the nation,” said Daniel Eibler, director at Hunt Mortgage Group, in prepared remarks.
Recently, units benefited from improvements such as new appliances, flooring, cabinetry, replacement of doors, paving, plumbing fixtures, security cameras, HVAC upgrades, partial roof replacement and property fencing.
“The borrower is a veteran commercial real estate executive with more than 40 years of experience in developing, owning and managing income producing properties, including: apartments, retail and industrial warehouse facilities. In addition, the borrower has invested significantly over the past three years to improve the property and has successfully managed The Lodge Apartments for ten years,” added Eibler.
Image courtesy of Yardi Matrix