Hunt Real Estate Capital Funds $22.5M in Acquisition Financing for Two Multifamily Properties in Arizona

by Amy Works

PHOENIX AND GLENDALE, ARIZ. — Hunt Real Estate Capital has funded agency loans totaling approximately $22.5 million for the acquisition of two multifamily properties: Canyon Woods Apartments in Phoenix and Shadow Rose Apartments in Glendale. The borrowers for both transactions are The Barone Group and its strategic partners.

Duke Stone of Churchill Capital Co. represented the borrowers on both transaction. Bear Holdings Group provided acquisition, investment and asset management services.

Built in 1984, Canyon Woods Apartments features 224 apartments spread across 12 two-story buildings, a swimming pool, spa, picnic/playground area and laundry facility. Hunt Real Estate Capital provided a Freddie Mac loan facility featuring a 12-year term with six years of interest-only payments. The borrower plans to implement a $2 million value-add capital improvements program at the property.

Shadow Rose Apartments, built in 1985, features 148 apartments across 14 two-story buildings, a swimming pool, spa, playground, laundry facility and clubhouse. Hunt Real Estate Capital funded a Fannie Mae loan facility featuring a 12-year term with nine years of interest-only payments. Additionally, the transaction qualified for Fannie Mae’s Green Rewards loan program where the borrower will implement certain water-saving improvements to lower future utility expenses — in return, the borrower was able to lock in an interest rate that was 83 basis points below standard Fannie Mae pricing at the time.

The borrower plans to implement a $1.5 million value-add capital improvements plan to modernize unit interiors and common area amenities.

You may also like