Hunt Real Estate Capital Provides $33M to Refinance a Dayton, OH, Multifamily
“The borrower has more than 40 years of real estate development, acquisition, disposition, and management expertise,” says Hunt's Greg Cazel.
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.