Dealmaker: Hunt Real Estate Capital Provides $67M In Fannie Mae, Freddie Mac Funds
Hunt Real Estate Capital, New York, provided $67 million in Fannie Mae and Freddie Mac funds for four apartment properties in the southeastern U.S.
Hunt closed three Fannie Mae multifamily conventional loans totaling $45.5 million for three properties, Tapestry on Vaughn in Montgomery, Ala., Trilliam Luxury Apartment Homes in Clanton, Ala. and Pavilion at Plantation Way in Macon, Ga.
“The borrower, EBSCO Income Properties, LLC, wanted to obtain advantageous, long-term debt on each of the properties and put them in a favorable position for the foreseeable future,” said Chad Hagwood, Senior Managing Director and Southeast Regional Manager with Hunt Real Estate Capital. He said EBSCO received three 12-year loans with low fixed rates and four years of interest-only payments.
EBSCO Income Properties LLC President and General Manager Leslie Yeilding noted the loan process took just 22 days despite the COVID-19 pandemic.
Hunt also provided a $21.5 million Freddie Mac conventional multifamily loan on Greenwood at Ashley River, a 280-unit garden-style apartment community in North Charleston, S.C., 10 miles northwest of Charleston’s central business district.
Sponsor Brick Lane, Washington, D.C., acquired the property from The RADCO Cos., Atlanta. The 10-year loan included five years of interest-only payments followed by a 30-year amortization schedule.
“The borrowers are experienced multifamily investors and repeat Freddie Mac sponsors with nine properties totaling over 2,500 units located throughout Maryland, Virginia and South Carolina,” said Hunt Managing Director John Beam. “Greenwood at Ashley River was built in 1974, and RADCO began renovations on the property upon acquisition in 2016. Since 2016, RADCO has invested over $4 million in capital improvements in the property.”
Keith Morris, Director at Hunt Real Estate Capital, said the new owner plans to invest $1.4 million in capital improvements and upgrades targeting unit interiors, backyard fencing, office renovations, security enhancements, soccer field improvements and HVAC systems.
“The local market is experiencing positive increases in both population and households, and there continues to be a need for quality, affordable multifamily housing, especially in this neighborhood,” Beam said.
