Water Street Residential, 427 Water Street, Dayton, OH.
DAYTON, OH—New York-based Hunt Real Estate Capital provided a $33.2 million Freddie Mac multifamily loan to refinance Water Street Residential, a multifamily property at 427 Water Street in Dayton, OH.
MSF Real Estate Capital in Dublin, OH, originated the loan and represented the borrower. Chad Kiner, senior vice president and A.J. Mangan, vice president, led the team that placed the loan with Hunt Real Estate Capital.
Water Street Residential is a newly constructed apartment complex with 269 units housed in seven, multi-story residential buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom apartments, 93 two-bedroom apartments and 15 three-bedroom units.
“Water Street Residential was built in two phases in 2015 and 2018 and is in excellent physical condition,” says Greg Cazel, managing director at Hunt Real Estate Capital. “The second phase of the property leased up faster than expected and the property has quickly become a desired place to live.”
The ownership structure is comprised of two co-borrowers that are single-purpose, Ohio limited liability companies. The borrower is Water Street Residential I and the principal in charge of day-to-day operations is Herbert Chisling. The loan has a 15-year term.
“The borrower has more than 40 years of real estate development, acquisition, disposition, and management expertise,” says Cazel. “We were pleased to partner with this solid sponsor to refinance this quality property that will serve the residents and the community very well for years to come.”
Property amenities include a clubhouse, movie theatre room, fire pit, business center, covered storage, elevators, and a pool.
Unemployment rates in Dayton have been trending downwards since 2009. Due to the presence of Wright-Patterson Air Force Base, Dayton has one of the highest concentrations of aerospace/high technology companies in the United States.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
