Dealmaker: Hunt Real Estate Capital Provides $25M for Multifamily

Hunt Real Estate Capital, New York, provided $24.5 million in Fannie Mae and Freddie Mac financing for multifamily assets in Maryland and Arizona.

In Maryland, the firm provided a $15.68 million conventional Fannie Mae acquisition loan for Park Raven Apartments, a 1949-vintage property renovated in 2006. The 15-year loan included eight years of interest-only payments followed by a 30-year amortization period.

Located at 1806 Ramblewood Road, Park Raven Apartments totals 253 rental units. Borrower Park Raven DNB LLC acquired the property from Park Raven Holdings LLC. 

Steven Cox, Senior Managing Director with Hunt Real Estate Capital, said Park Raven DNB LLC chose to finance the property under Fannie Mae’s Green Rewards program and will implement energy and water conservation measures. “The goal is to save over 30 percent of the combined water and energy usage at the property, including a minimum of 15 percent energy savings,” he said.

Hunt also provided an $8.9 million Freddie Mac loan to refinance Rancho Palos Verde Apartments in Mesa, Ariz. 

Rancho Palos Verde Apartments is a 152-unit fractured condo community. The loan started as a fractured condo loan, but the borrower was able to acquire 100 percent of the units while Hunt’s loan was in process. Now that the sponsor has acquired the property, it plans to renovate units as they turn over.

“Rancho Palos Verdes Apartments is located in a growing market that consistently supports demand for multifamily housing,” said Hunt Managing Director Chris Warren. “Population in the local market is expected to continue to grow over the near term.”