Dealmaker: Hunt Real Estate Capital Provides $20M in Fannie Mae, Freddie Mac Funds
Hunt Real Estate Capital, New York, provided $20.4 million in Fannie Mae and Freddie Mac funds for multifamily properties in Florida and Michigan.
In Orlando, Fla., Hunt provided a $13 million Fannie Mae Delegated Underwriting and Servicing conventional loan to refinance Bella Lago, a 1989-built garden-style community on Lake Buchanan.
The new 10-year fixed-rate loan replaced a 10-year fixed-rate Fannie Mae loan that Hunt predecessor Centerline Capital Group originated in 2012. The borrowers and key principals were Louis Vogt and Scott Zimmerman.
After acquiring Bella Lago in December 2010, the borrowers completely renovated the property to emphasize green energy savings that primarily benefit apartment residents. These efforts reduced water usage by two-thirds.
“During their ownership, they have continued to invest in the property with capital expenditures, including renovations and updates to all unit interiors, new windows, new HVAC systems, new roofs and the installation of solar panels,” said Hunt Vice President Deborah Proctor.
Hunt also provided a $6.4 million Freddie Mac Small Balance Loan to finance the acquisition of Chalet Villa Apartments, a 123-unit community in Clarkston, Mich. Built in 1974, Chalet Villa Apartments includes eight two-story garden apartment buildings. The seller recently invested $1.18 million in capital improvements, including roofing, sidewalk, boiler and sewer upgrades.
Q10 Lutz Financial Services Senior Director Lawrence Harwood arranged the 10-year fixed-rate loan.
Located 43 miles north of Detroit, Clarkston’s employment is driven by the automotive industry. “Chalet Villa is a well-situated asset in the northern suburbs of Detroit, close to a variety of access points to large employment centers,” said Hunt Managing Director Josh Messier. “The property is extremely well maintained and provides affordable workforce housing to the residents of Clarkston and greater Oakland County.”
The eight apartment buildings contain 46 one-bedroom, one-bathroom units; 11 two-bedroom, one-bathroom apartments and 66 two-bedroom, one-and-a-half bathroom units.