TurnCap recently funded a $65MM bridge loan for the acquisition of a 450+ unit, class B multifamily community in Columbus, OH (“Subject”). The Subject is being acquired by a repeat TurnCap Sponsor and one of the largest multifamily owner/operators in Central Ohio. The Sponsor’s business plan includes implementing their market-leading property management team at the Subject to increase operational efficiencies, completing an extensive capital improvement plan to improve both interior units and common areas and seasoning rents to market levels before refinancing with a permanent loan.
Broad Investment Thesis
The Sponsor plans to complete wide-ranging capital improvements at the Subject which involve renovating unit interiors and upgrading community amenities to a level consistent with other Class A communities in the area. The Sponsor will also be implementing a utility reimbursement program to further drive value and decrease operational expenses.
The Sponsor is one of the largest multifamily owner/operators in Central Ohio and a repeat TurnCap Sponsor. TurnCap has observed the Sponsor execute their business plan throughout previous closed transactions and is confident in their ability to efficiently manage the Subject and work through their business plan throughout the term of this transaction.