Hunt Real Estate Capital has provided a $17.2 million Fannie Mae conventional multifamily loan to refinance a an apartment property in Toledo, Ohio.
Steeplechase Apartments is a 242-unit garden-style apartment community that was built in phases from 1999 through 2004. The property is made up of 12 garden-style apartment buildings and 15 duplexes on a 19.5-acre site.
The loan has a 12-year term and a 30-year amortization schedule. The first two years of the loan are interest-only.
Since acquiring the property, the borrower has invested $524,000 in capital improvements. This includes the installation of new water heaters, appliances, windows, landscaping, vinyl replacement, HVAC upgrades and carpet replacement.