Hunt Mortgage Group provided a Freddie Mac Small Balance loan of $5.9 million for the acquisition of a multifamily property in Cincinnati.
Magnolia Pointe and Eastgate Gardens is a 170-unit garden-style apartment complex consisting of two parcels on 8.57 acres of land. The property is made up of eight two-story apartment buildings and a one-story leasing office/maintenance building.
The loan is a 10-year fixed-rate loan with one year of interest-only followed by 30 years of amortization and a yield maintenance prepayment. The borrower is MPE Partners, LLC, a single-purpose, Ohio Limited Liability Company.
The financing was coordinated by James Huff of C4 Financial.