Hunt Real Estate Capital Funds $9M Green Acquisition Loan for Multifamily Property in Arkansas
JONESBORO, ARK. — Hunt Real Estate Capital has provided a $9 million Fannie Mae conventional loan for the acquisition of Stadium Place Apartments, a 200-unit multifamily property located at 3719 Stadium Blvd. in Jonesboro. Chad Thomas Hagwood led the Hunt Real Estate Capital team that closed the financing.
Built in 2000, Stadium Place comprises 10 three-story garden-style buildings on a 10.4-acre site. Totaling 179,880 square feet of rentable area, the property offers a mix of one-, two- and three-bedroom layouts. Onsite community amenities include a fitness center, swimming pool, playground, basketball court, grilling stations and a large open green space.
Loan terms include a 75 percent, 12-year Green Rewards loan with four years of interest-only payments. As per terms of the Green Rewards loan, the undisclosed borrower will implement efficiency upgrades within 12 months of loan closing. With this property, most of the efficiency upgrades will take the form of water savings.