SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower.
The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program.
Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces.
Standard Cos. acquired the property in 2014.
The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.