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Hunt RE Capital Arranges Fannie Mae Loan on Toledo Apartments
Hunt Real Estate Capital provided a $17.2-million Fannie Mae conventional multifamily loan to refinance Steeplechase Apartments, a multifamily property in Toledo, OH’s Sylvania submarket.
The loan has a 12-year term and a 30-year amortization schedule, and the first two years are interest-only.
“Hunt Real Estate Capital provided the initial acquisition financing on this asset in 2017, and we are happy to have partnered with the owner through stabilization,” said Zach Casale, director at Hunt Real Estate Capital.
He added, “By providing an initial bridge loan for this property, Hunt structured a short-term loan used to increase occupancy and value over the course of three years.”
Steeplechase Apartments is a 242-unit, garden-style apartment community that was built in phases from 1999 through 2004. The property includes 12 garden-style apartment buildings and 15 duplexes on a 19.5-acre site. “Since acquisition, the borrower has invested $524,000 in capital improvements onsite,” added Casale.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
