NKF Originates $11M in Refinancing for Cincinnati Asset
- Sep 18, 2019
Berkeley Point Capital, now operating under the Newmark Knight Frank brand, has originated an $11 million refinancing loan for Eleven Hundred, a community in Cincinnati. The Fannie Mae loan features a 12-year term and covers a prior $ 6.8 million loan with SunTrust Bank originated in 2015, according to Yardi Matrix data.
The 200-unit asset is located at 1100 Princeton Square Drive, close to interstates 75 and 275. Formerly known as Cambridge Park, Eleven Hundred encompasses one-, two- and three-bedroom apartments, a volleyball court, a swimming pool and two laundry facilities, as well as a 240-vehicle parking lot. Units range between 670 and 1,100 square feet, while rents average $900.
The owner of the property is Shamrock Communities, which sold several Midwest communities last year. Shamrock bought Eleven Hundred from the bank in 2015, a year after it entered foreclosure. The 20 buildings were completed in 1973 and span approximately 14 acres. Occupancy was 87 percent in August.