Hunt Mortgage Group Refinances Suburban Ohio Property

3455 Mill Run Drive, Hilliard, Ohio

Hunt Mortgage Group has arranged a $17 million loan toward the refinancing of One Mill Run, a Class A office property in Hilliard, Ohio. MSF Real Estate Capital Inc. was the originator, with Senior Vice President Scott Moore overseeing the placement of the transaction.

The owner of the building is Canadian investor IMC Real Estate Management, which purchased the building in 2014 from Talcott Realty Investors, the same year that Hunt launched its Freddie Mac small balance loan program. The purchase price was $18 million, according to Yardi Matrix.

Recent upgrades

One Mill Run is located at 3455 Mill Run Drive on a 10-acre site off Interstate 270 and approximately 5 miles from The Ohio State University. The nine-story, LEED Silver-certified property was completed in 1989 and offers 174,323 square feet of space.

The owner has recently invested approximately $2.5 million in capital improvements, including resurfacing of the main parking lot, upgrades to the ADA ramps, security cameras, HVAC system, replacing pavers at the west entrance as well as the common area carpeting. This resulted in several leases being renewed or executed, bringing the building’s occupancy to 95 percent.

“One Mill Run is considered to be a top asset in the submarket and all eight tenants are signed to net lease terms with the majority of the tenants leases extend through 2022 or beyond,” said Gregory Cazel, managing director with Hunt Mortgage Group, in prepared remarks.

The property was subject to a $13.5 million loan issued on August 10, 2014. The originator was American National Insurance Co.

Image courtesy of Yardi Matrix