Columbus, Ohio — Hunt Mortgage Group has provided a $4.35 million Fannie Mae loan facility to refinance Inn Town Homes, a student housing property located in Columbus near Ohio State University.
The property is a garden-style multifamily property that contains 28 units housed in four, two- and four-story buildings. The units feature standard kitchen appliances and washers and dryers, and the property offers a combined 46 open parking spaces.
The borrower is 151 LLC, an Ohio company. The transaction is structured with a 12-year term with an 11.5-year yield maintenance period and 30-year amortization. Andy Burgess of Infinite Capital brokered the deal.
The buildings were developed in 1980, 1987-1989 with 36,856 square feet of rentable space. The property consistently is 100 percent leased each school year.
Inn Town Homes is located in the University/Downtown submarket, and is 0.6 miles from Ohio State, 1.1 miles from Wexner Medical Center and 1.5 miles from Ohio Stadium.