Hunt Real Estate Capital Provides $31M in Multifamily Financing

Hunt Real Estate Capital, New York, provided $31.3 million in Fannie Mae funds to finance multifamily properties in Texas, Maryland and Arkansas.

In Austin, Texas, Hunt provided a $19.5 million Fannie Mae affordable multifamily loan secured by Blunn Creek Apartments. The loan included four years of interest-only payments.

The borrower was a Texas LLC sponsored by Avanath Capital Management. Avanath Capital Management is a California-based investment firm that acquires, renovates and operates apartment properties with an emphasis on affordable and workforce communities, said Hunt Real Estate Capital Senior Managing Director and Head of Originations for Affordable Housing Finance Paul Weissman. 

Built at 701 Woodward Street in 2002, Blunn Creek includes 280 units for individuals or families earning 60 percent or less of the area median income. Avanath Capital Management has allocated $2 million for interior and exterior improvements, Weissman said.

In Baltimore, Hunt originated $8.48 million for Geller Assocs., Roseland, N.J., to acquire 117-unit Fox Crossing Apartments. The 15-year loan included seven years of interest-only payments followed by a 30-year amortization schedule.

Hunt Managing Director Steven Cox said Geller Assocs. financed the property under Fannie Mae’s Green Rewards program and will implement energy and water saving measures at the property.

Hunt also provided a $6 million Fannie Mae conventional loan on Northwest Hills Apartments, a 126-unit property in Little Rock, Ark. The 10-year loan came with a 5.52 percent fixed interest rate that amortizes over 30 years after two years of interest-only payments.