Hunt Real Estate Arranges $17M Refi for Ohio Community
- Jun 18, 2020
Hunt Real Estate Capital has secured a $17.2 million Fannie Mae loan to refinance Steeplechase Apartments, a 242-unit, garden-style community in Toledo, Ohio. The 12-year loan has a 30-year amortization schedule and the first two years are interest only. According to Yardi Matrix data, the asset last traded in April, when it was acquired by Morgan Properties.
Built in phases between 1999 and 2004, the property comprises 12 buildings and 15 duplexes, located on roughly 20 acres. The borrower has invested $524,000 in capital improvements. Upgrades include new water heaters, appliances, windows, landscaping and carpet replacement, among others.
Located at 1140 Steeple Chase Circle, in the Sylvania submarket, the property is just off Interstate 475. The surrounding area has several retail and dining options, including a Walmart Supercenter, which is within 2 miles of the community.
This month, Hunt secured a $21.5 million Freddie Mac acquisition loan for a 280-unit community in North Charleston, S.C. The asset was purchased by Brick Lane.