Dealmaker: Hunt Real Estate Capital Provides $62M for Multifamily
Hunt Real Estate Capital, New York, provided $62.3 million for multifamily assets in Texas, North Carolina and Arkansas.
In Dallas, Hunt provided a $35 million bridge loan secured by Park Ninety Six 90, a 506-unit garden-style community 16 miles northeast of the central business district. The sponsor, a joint-venture between Concord Real Estate, Beverly Hills, Calif., and Sun Equity Partners, New York, used the financing to acquire the property and fund interior and exterior capital improvements.
“This deal was unusual in that we needed to deliver firm committee approval in less than three weeks due to the borrower’s tight timeline imposed by the seller,” said Hunt Real Estate Capital Managing Director Ted Nasca. “Once we received approval, we were then in a position to fund within four weeks of receiving the signed application.”
With this acquisition, Concord Capital Partners owns more than 2,000 units in the Dallas metroplex.
Park Ninety Six 90 was renovated between 2014 and 2018 with more than $3.5 million spent on interior upgrades to 168 units and updates to the swimming pools and fitness facility. Nasca said future renovation plans include upgrading 338 additional unit interiors.
Hunt Real Estate Capital also provided an $18.3 million Fannie Mae Delegated Underwriting and Servicing loan secured by Fields at Archdale, a 243-unit property in Charlotte, N.C. The new loan has a 12-year term.
Steve Cox, Managing Director at Hunt Real Estate Capital, noted the former owner upgraded 82 units and completed other renovations including new roofs, windows and paint.
Hunt also provided a $9 million Fannie Mae conventional loan for Stadium Place Apartments, a 200-unit Class A property in Jonesboro, Ark. Built in 2000, Stadium Place Apartments includes ten three-story buildings on 10.4 acres. It contains 179,880 square feet of rentable area in one-, two- and three-bedroom layouts.
Loan terms included a 75 percent, 12-year Fannie Mae Green Rewards loan with four years of interest-only payments. The borrower agreed to implement efficiency upgrades within 12 months of loan closing per the Green Rewards loan agreement.
With this property, most of the efficiency upgrades will take the form of water savings, said Chad Thomas Hagwood, Senior Managing Director and Southeast Regional Manager at Hunt Real Estate Capital.
