Suburban Columbus Community Gets $10M Refi

1 min read

Grandbridge Real Estate Capital provided the 10-year, Freddie Mac loan for the 156-unit Class C property.

Worthington Commons

Homestead America has received a $10 million refinancing package for Worthington Commons, a 156-unit, Class C community in Columbus, Ohio. Grandbridge Real Estate Capital originated the Freddie Mac loan, which matures in 2030, according to Franklin County records.

The mortgage pays down a $6 million acquisition loan provided by LCNB National Bank. The asset changed hands in 2017 when the borrower paid Townhome Management $7.7 million for the community, Yardi Matrix shows.

Completed in 1973, the property has 21 two-story buildings on a 9-acre parcel at 1541 Barnes Drive E. All of the community’s units are two-bedroom townhomes with private patios. Located a short distance southeast of the intersection of interstates 71 and 270, Worthington Commons is 3 miles from the Edward S. Thomas Nature Preserve and 11 miles north of the city’s downtown.

In December last year, Grandbridge provided $105 million in refinancing for four communities in Florida and Georgia. The company arranged the loans for Sage Equities and CMS Cos.

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