Columbus, Ohio — Loan proceeds used to finance existing debt and place new long-term debt.
Somerset Square is 100 percent leased, primarily to graduate students.Columbus, Ohio — HFF has secured a $2.3 million refinancing for Somerset Square Apartments, a 57-unit multi-housing property near The University of Ohio State in Columbus, Ohio.
Working on behalf of 1751 Kenny, HFF placed the 10-year, 4 percent fixed-rate loan with Lincoln Financial Group. Loan proceeds were used to refinance existing debt and place new long-term debt on the property.
Somerset Square Apartments is adjacent to the university and on the COTA bus line in Columbus. Completed in 2002, the property is consistently 100 percent leased, primarily to graduate students.
The HFF team representing the borrower was led by director Chris Vittetoe.