TurnCap recently funded a $41MM loan for two (2) apartment communities in Columbus, OH. The communities were 99% occupied at the time of refinance and have historically maintained occupancy rates above 90%. The Subject was acquired from a premier multifamily developer across the Central Ohio market. The Borrower will utilize the bridge loan to implement their utility reimbursement program, and further season rents prior to refinancing into a permanent loan or selling the assets.
Broad Investment Thesis
The Sponsor plans to implement their market-leading property management strategies to decrease operating expenses at both properties by achieving efficiencies in daily operations. In addition to optimizing property management, the Sponsor also intends to implement a utility reimbursement program and season the rents to market levels.
The Sponsor has extensive experience and understanding owning and operating multi-family communities in the Columbus submarket. The Sponsor’s practice of increasing operational efficiencies and lowering expenses has been proven through the success of similar properties in their portfolio.