Pepper Pike Capital Secures $29.5M Loan From Dwight Mortgage Trust For Colonial Village Acquisition

The asset involved in the transaction is the Colonial Village complex, a multifamily property located at 1256 Rand Avenue in Columbus, OH, encompassing 508 units and situated on 25 acres of land. The acquisition financing secured by Pepper Pike Capital amounts to $29,500,000, aimed at both acquiring and renovating the property.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,500,000
• Address: 1256 Rand Avenue
• Market: Columbus, OH
• Units: 508
• Acres: 25
• Lender: David Scheer - Dwight Mortgage Trust
• Landlord: Pepper Pike Capital
• Loan Type: Acquisition

David Scheer from Dwight Mortgage Trust provided the bridge financing, which will facilitate full interior and exterior upgrades. This acquisition comes two years after the property was criticized for substandard tenant conditions.