Savills acted as the financial advisor in connection with the workout, sale and recapitalization of the distressed Columbus Park Apartments, a 623-unit multifamily asset located in Bedford, Ohio.
Savills acted as the financial advisor in connection with the workout, sale and recapitalization of the distressed Columbus Park Apartments, a 623-unit multifamily asset located in Bedford, Ohio
Acquired by the existing ownership group in 2006, the property was capitalized with approximately $26.7 million of debt and equity.
Due to a lack of working capital, occupancy had fallen to approximately 71 percent. Savills served as the financial advisor in the transaction and was responsible for advising the existing borrowers and Apollo Property Management in the workout and modification of existing portfolio financing and transfer of ownership to affiliates of The Kushner Companies, Square Mile Capital and Apollo Property Management.
At closing, management of the properties was assumed by Apollo Property Management.