NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $1.97 million loan via the Freddie Mac Small Balance program to finance the acquisition of a multifamily property located in Columbus, Ohio.
Woodbury Commons is comprised of 102-units contained in 17 single-story buildings situated on 7.4 acres of land. The property has ten units that were built in 1957 and the remaining 92 units were built in 1974. The entire property was renovated in 2004.
The borrower is CALTUCKY, LLC, a Kentucky limited liability company, backed by Andrew Peceimer and John Nassar. The loan is a 5-year hybrid ARM with 30-year amortization and step-down prepayment schedule. The deal was brought to Hunt by Vernon Morrison from Lighthouse Commercial Mortgage.
“The borrower had a 1031 purchase and had to close the loan by July 30,” explained Dan Eibler, Director at Hunt Mortgage Group. “We accepted and closed this loan in a short 41 days from application. The Hunt Mortgage Group team, along with our mortgage banker Vernon Morrison, worked very hard and met this aggressive timeframe for the borrower.”
Woodbury Commons is surrounded primarily by single-family, commercial/retail uses, and vacant land, and is in close proximity to entertainment and recreational facilities. The property is located in southwest Columbus, in the Grove City submarket. The overall vacancy rate for the MSA is 5.0% and rents in the area and submarket have been increasing every quarter since 2013.
“The seller invested approximately $525,000 in renovations to Woodbury Commons over the past several years,” added Eibler. “Exterior renovations included new roofs and new siding, and interior renovations included building bookshelves-nooks, replacement and updating of appliances, carpet, paint, electric and plumbing fixtures.”
The unit mix includes 88 one-bedroom, one-bathroom apartments, and 14 two-bedroom one-bathroom units.
The Hunt Mortgage Group deal team involved in the financing included Eibler, who served as originator, Jordan Kilbury, underwriter, and April Swan Rosney, closer.
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a market leader focused on financing commercial real estate throughout the United States. The Company finances all types of multifamily properties (including small balance), affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities nationwide. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own proprietary loan products. The Company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 139 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.