OH Community Lands Refi

Trilogy Real Estate refinanced the 292-unit Class B asset with a $28.2 million Fannie Mae loan originated by CBRE Capital Markets.
Central Park Apartments

Trilogy Real Estate Partners has refinanced the Central Park Apartments, a 292-unit Class B community in Columbus, Ohio, with a $28.2 million Fannie Mae loan. CBRE Capital Markets originated the 12-year mortgage, according to public records.

Trilogy acquired the property in mid-2013 from Edwards Communities, per Yardi Matrix data.

Located at 105 Radio City Blvd. in Columbus’ Worthington submarket, the community’s five two- and three-story buildings are positioned within 1 mile of Interstate 280, approximately 14 miles north of the city center. The 1.6 million-square-foot Polaris Fashion Place offers a wide variety of retail and dining options 3 miles northeast, alongside Interstate 71.

The property, built in two phases between 2004 and 2005, contains a mix of one- and two-bedroom apartments, with floorplans from 580 to 1,355 square feet. Monthly rents range from $890 to $2,380, according to the property’s website. Amenities include a swimming pool, a 24-hour fitness center, laundry facilities, a business center, a media room and a clubhouse. The community is 93.5 percent occupied, per Yardi Matrix data from June.

Earlier this year, the owner of a 216-unit community in Columbus’ Westland submarket landed a $1.2 million Fannie Mae refinancing package.

Image courtesy of Yardi Matrix