Northern Columbus Community Lands $35M Fannie Mae Refi

The financing replaces $29 million in construction financing at the 196-unit Station 324.
Station 324

Bellwether Enterprise has arranged a $35.3 million Fannie Mae loan for Snyder Barker Investments’ Station 324 in Columbus, Ohio, Yardi Matrix data shows. The new debt package retires a $29 million construction mortgage from Flagstar Bank, taken in 2018 for the development of the 196-unit community.

Located at 324 E. Second Ave. roughly two miles north of downtown Columbus, the property is within walking distance of several restaurants and cafes. Interstates 71 and 670 are within a mile, and The Ohio State University’s campus is 2 miles to the northwest. Completed last year, the asset has studio, one- and two-bedroom options ranging in size from 527 to 1,254 square feet in five three- and four-story buildings. Common-area amenities include a swimming pool, fitness center, rooftop terrace and patio lounge with a grill area.    

In April, Bellwether originated a $36.3 million Fannie Mae loan for Legacy Reserve at Fritz Farm, a senior housing property in Lexington, Ky. Vice President John Powell secured the debt for the owner.