TurnCap recently funded a $25.4MM loan on a “Class A” apartment community in Columbus, OH (“Subject”). The Subject was fully stabilized at closing with additional phases, not part of the collateral, currently under construction. The purpose of the bridge loan was principally to allow the supplementary phases to reach stabilization and then refinance the entire project with a single-loan or sell the entire project.
The property has been well received in the market.
The Subject has demonstrated sturdy leasing momentum after being received in the Columbus market, with the first phases of the project attaining stabilized rents and occupancy during the first few months of the units coming online. This can be attributed to the quality of the asset and the finishes used in the construction process.
The Sponsor is an expert in multifamily development.
The Sponsor has a well-developed acumen in real estate, having developed more than 50 million square feet of various real estate property types. TurnCap has observed how the sponsor has developed similar assets and brought them to their stabilized rents and occupancy levels and is confident in the Sponsors ability to apply their processes to this asset.