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| Ray Potter |
NEW YORK, NY – Nov. 10, 2014) – R3 Funding, a national
lender correspondent providing origination and workout services, has arranged a
$3,562,000 fixed rate CMBS loan for Autumn Chase Apartments, a 76-unit
corporate housing property in Columbus, OH. The announcement was made by Ray
Potter, managing partner of R3 Funding.
The CMBS financing that R3 Funding arranged is for a 10-year
term and features a 30-year amortization. The LTV is 75 percent.
The Autumn Chase Apartment community was created to meet the
unique requirements of traveling professionals temporarily assigned to the
Columbus area seeking quality apartment living at attractive pricing.
It is conveniently located so that all major
corporate and medical facilities are within a short commute.
“This was a difficult transaction given the property
operates like a hotel and 90+ percent of the tenants are on month to month
leases,” said Mr. Potter.
“The loan was difficult to underwrite given the short term
'leases,' but R3 Funding was able to build a promising picture around the
historical operating statements, the local and national businesses in the area
and the top corporate accounts associated with the asset.”
For a complete copy
of the company’s news release, please contact:
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