Canal Fulton, OH
Property: 40-Unit Multi-Family Apartments
Deal Type: Acquisition
Loan Amount: $1,050,000
The mortgaged property is a 40-unit multifamily building located in Canal Fulton, Ohio within the Canton-Massillon, OH metropolitan statistical area. The property is supported by the US Department of Housing and Urban Development, as it is affordable housing, and tenants receive housing assistance payments from the government. The contract with the government was renewed in February, 2020 and many of the tenants have occupied the units for over five years demonstrating reliable tenants and strong cash flows.
Stronghill won this deal because we were willing to work with foreign national (this was a syndication deal), section 8, and a tertiary apartment. We were diligent, provided flexible lending, and as always offered quick and friendly service to our client.