Grandbridge Real Estate Capital LLC recently financed an $8.5 million refinance loan secured by Kensington Village Apartments Phase I, a 156-unit multifamily property in Zanesville, Ohio.
Ken Bowen, senior vice president, and Ben Williams in Grandbridge’s Columbus office originated the loan. Financing for the fixed rate nonrecourse loan was provided by Freddie Mac.
Financing only one of two adjoining phases was not much of a challenge because of commonality of ownership, the conservative loan amount and shared amenities being located within the phase being financed. Navigating Freddie Mac COVID-19 related inspection requirements was accomplished in a safe manner. The biggest challenge was getting the low spread to beat the competition and locking in the interest rate before it rose any further.
This market-rent community was developed by the borrower in 2007-2008. The 21.3 acres of land is improved with 26 1-story apartment buildings and a clubhouse with outdoor pool. Each building has six units, all with attached garages. The owner/manager provides a high level of attentiveness to both the physical assets and the tenants, many of whom have lived at the property for several years.
