Dealmaker: Hunt Real Estate Capital Provides $41M in Freddie Mac Funding

Hunt Real Estate Capital, New York, provided $40.7 million in Freddie Mac funding for multifamily assets in Ohio and California.

In Dayton, Ohio, Hunt provided a $33.2 million Freddie Mac to refinance Water Street Residential.

MSF Real Estate Capital, Dublin, Ohio, originated the 15-year loan and represented the borrower. MSF Senior Vice President Chad Kiner and Vice President A.J. Mangan led the team that placed the loan with Hunt.

Water Street Residential is a newly constructed community with 269 units housed in seven buildings. Hunt Managing Director Greg Cazel said the property delivered in two phases in 2015 and 2018. “The second phase of the property leased up faster than expected and the property has quickly become a desired place to live,” he said.

The unemployment rates in Dayton have been trending downwards since 2009. Due to the presence of Wright-Patterson Air Force Base, Dayton has one of the highest concentrations of aerospace/high technology companies in the United States.

Hunt also provided a $7.5 million Freddie Mac Small Balance Loan to refinance The Ashby Apartments in Los Angeles.

Borrower Concord Capital Partners received a seven-year fixed-rate facility with a 30-year amortization schedule and a step-down prepayment premium.

The Ashby Apartments is a 49-unit mid-rise community a 0.4 acre parcel. The Ashby was built in 1930 and was acquired by the borrower in 2015, said Hunt Managing Director Ted Nasca. “The borrower implemented a renovation on the property from 2016 to 2018 and it is now 100 percent physically occupied.”

Nasca said the property is in the city’s growing Koreantown submarket, which consistently supports demand for multifamily housing.