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Hunt Mortgage Arranges Freddie Financing for Toledo Acquisition
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Hunt Mortgage Group has provided a $9.67-million Freddie Mac loan to finance the acquisition of Jamestown of Toledo Apartments, a 204-unit garden complex in Toledo, OH. The borrower is Jamestown Apartments 17 LLC, a single-purpose entity that is 100% owned by a fund of Michigan-based Watermark Partners.
“The property is being considered a long-term hold for the borrower, as stable growth and returns are forecasted over a long-term investment horizon,” said managing director Josh Messier at Hunt Mortgage. “The key principals are seasoned multifamily investors, known for purchasing assets and applying their local expertise and management to operate them more efficiently and reduce expenses.”
At Watermark, principal John Nechiporchik said that with a tight timeframe for closing on the acquisition, “we felt that a Freddie Mac execution with Hunt was an ideal execution and we look forward to continuing our relationship with both groups.”
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