SACRAMENTO — Hunt Capital Partners has closed $3.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Pacific Rim Apartments, an affordable housing property in Sacramento. The borrower, Alliance Property Group, plans to upgrade the garden-style complex, which was originally built in 2004. Slated for completion in July 2021, the renovated community will offer 31 three-bedroom units and an additional three-bedroom unit for management. The development team includes Day Builders, Musser: Architects and FPI Management. Planned site and exterior improvements include pavement, fencing and landscaping repair; installation of additional barbecue and playground areas; a new roofing overlay; and construction of a new management office/community room with a laundry facility. Individual units will be outfitted with new kitchen appliances, flooring, various automatic sensors and fresh paint. Once completed, Pacific Rim Apartments units will be leased to family households earning up to 50 percent and 60 percent of the area median income. Additionally, All Things Are Possible, a nonprofit organization, will provide a variety of residential services, including food distribution, parenting and mentor workshops, English-as-a-second-language classes, veteran services, toddler support, employment search and resume assistance. The total development cost for the Pacific Rim Apartments renovations is …
Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina
LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.
HIALEAH, FLA. — Hunt Real Estate Capital has provided an $8.2 million Fannie Mae refinancing loan for Oceanmar Park Apartments in Hialeah. The 104-unit community was built in 1967 and comprises 26 two-story buildings. The borrower, Oceanmar Park Apartments LLC, plans to invest $330,000 for new paint, new appliances and air conditioners, a security system, new garbage enclosure and repaving. The proposed plans will span a four-year period. The 15-year term loan features interest-only payments for the full term. The property is situated at 7155 W. 14th Court, 17 miles northwest of downtown Miami.
STUARTS DRAFT, VA. — Hunt Real Estate Capital has provided a $12.7 million Fannie Mae refinancing loan for Brittany Knoll Apartments in Stuarts Draft. The 153-unit property comprises 14 three-story buildings that were built between 1998 and 2000. The borrower, Brittany Knoll LLC, built the property and has self-managed it since. The loan has a 10-year term with a 30-year amortization schedule. The interest rate was not disclosed, although Maria Zubillaga of Hunt Real Estate said the new rate is 170 basis points lower than the borrower’s previous rate. Brittany Knoll offers two- and three-bedroom floor plans and a playground. The community is located 35 miles west of downtown Charlottesville.
CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.
ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.
CLARKSTON, MICH. — Hunt Real Estate Capital has provided a $6.4 million Freddie Mac small balance loan for the acquisition of Chalet Villa Apartments in Clarkston, about 40 miles north of Detroit. Built in 1974, the 123-unit apartment community is located at 6935 Tuson Blvd. It consists of eight two-story buildings. Larry Harwood of Q10 | Lutz Financial Services arranged the 10-year, fixed-rate loan. The borrower was 6935 Chalet Villa Apartments LLC. The seller recently invested approximately $1.8 million in capital improvements to the roofing, sidewalks and sewer.
BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.
EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
LAYTON, UTAH — Hunt Real Estate Capital has funded a $6 million Fannie Mae DUS conventional multifamily loan for the refinancing of two manufacturing housing communities in Layton. The 10-year loan features interest-only payments for the first four years. Country Village MHC and Mountain View Estates MHC are the two non-contiguous communities. Developed in 1973 and 1975, respectively, the properties 145 manufactured housing sites and 310 parking spaces, including two spaces for each home. Country Village offers 34 single-wide sites and 28 double-wide sites, and Mountain View features 59 single-wide sites and 24 double-wide sites. Community amenities include a clubhouse, playground and basketball courts.