TurnCap deployed $41.0 million in capital to refinance a 272-unit, stabilized Class A market rate apartment community. The complex was originally constructed by the Sponsor in 2017 and consists of five 4-story residential buildings on approximately 18.37 acres. TurnCap’s loan proceeds were used to refinance out the Sponsor’s existing debt and provide the Borrower time to secure long term, permanent financing.
The Sponsor is an experienced multifamily owner and operator with over 3,000 units throughout Ohio, Florida, and Michigan. They have developed, redeveloped, and managed over 15,000 multifamily units since 2002 and are one of the premier owners of multifamily properties in NE Ohio and currently one of the most active multi-family developers in Central Florida.