SAN PEDRO, CALIF. — Hunt Real Estate Capital has funded a $64.1 million Fannie Mae affordable multifamily loan for the acquisition and renovation of Park Western Apartments, an affordable multifamily property in San Pedro. The borrower is Park Western Housing, an entity specifically formed to buy and manage the property.
Built in 1969, the community comprises 14 residential buildings spread across a 7.7-acre site at 1327 W. Park Western Drive. The 216-unit community features 32 one-bedroom units, 128 two-bedroom apartments, 32 three-bedroom units, 24 four-bedroom apartments and a 1,300-square-foot maintenance shop. Community amenities include a courtyard, on-site management, central laundry facilities, a playground, garage parking and picnic/barbecue areas, as well as surface and covered parking.
The borrower plans to renovate the property with plans to upgrade the building exteriors, unit interiors and community amenities and common spaces. Upon completion, the property will also offer a fitness center and community room. Renovations are slated to be completed in 14 months.
The Fannie Mae M.TEB loan has a 17-year term, 40-year amortization and provides significantly greater loan proceeds to support a rehab budget. The deal is backed by Richard Siebert and June Park of SDG Housing Partners along with a nonprofit partner, Affordable Housing Access.
Aaron Wooler and John McAlister of Hunt Real Estate Capital’s Arcadia, Calif., office placed the financing on behalf of the borrower.