NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $4.35 million Fannie Mae loan facility to refinance Inn Town Homes, a student housing property located in Columbus, Ohio.
The property is a garden-style multifamily property that contains 28 units housed in four, two- and four-story buildings. The Borrower is 151, LLC, an Ohio limited liability company. The transaction is structured with a 12-year term with an 11.5-year yield maintenance period and 30-year amortization.
“The apartments at Inn Town Homes are rented by the unit, not by the bed, and are fully leased for the 2015-2016 school year,” noted Dan Eibler, Director at Hunt Mortgage Group.
The buildings were developed in 1980, 1987-1989 with 36,856 square feet of rentable space.
“Inn Town Homes is located in a desirable location at the South Campus of The Ohio State University,” added Eibler. “The property consistently operates at 100% with leasing for the next school year full leased by December of the prior school year. The borrower has owned, operated and managed multifamily and student properties since 1969 with almost all of its assets in Columbus. We were pleased to close this loan for a quality long-term industry investor.”
Inn Town Homes is located in the University/Downtown submarket, and is 0.6 miles from The Ohio State University, 0.7 miles from the Newport Music Hall, and 1.1 miles from The Ohio State University Wexner Medical Center and 1.5 miles from Ohio Stadium.
The area surrounding the property is primarily residential, but it is well-located near grocery stores and other retail properties. The units feature standard kitchen appliances and washers and dryers, and the property offers a combined 46 open parking spaces.
The deal was brokered by Andy Burgess of Infinite Capital.
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, office, retail, manufactured housing, healthcare/senior living, 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 147 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.