Hunt Real Estate Capital Refinances Three-Property Multifamily Portfolio in Washington

by Amy Works

LAKEWOOD AND TACOMA, WASH. — Hunt Real Estate Capital has provided three Freddie Mac Small Balance Loans totaling $11.1 million for a multifamily portfolio in Washington. The company funded two cash-out refinances, which provided liquidity for the acquisition of the third property. The loans have a five-year fixed-rate term, with no interest-only period, amortized over 30 years. The name of the borrower was not released.

Hunt Real Estate provided a $6.7 million loan to acquire Springtree Apartments, a 103-unit multifamily property located at 4810 127th Street Court SW in Lakewood. The 13-building complex features 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bath apartments. On-site amenities include a laundry facility, sport court, playground, barbecue/picnic area and on-site manager, as well as 41 surface parking spots.

Additionally, the company funded $1.7 million in refinancing for Southcrest Apartments, located 5410, 5416, 5420 and 5422 Boston Ave. SW in Lakewood. Built in 1970, the five-building property features 35 one-bedroom/one-bath units and one two-bedroom/two-bath unit. The community also features 46 surface parking spots.

In the third transaction, Hunt Real Estate Capital provided a $2.7 million loan for the refinancing of Colonial Village Apartments, located at 9220 Pacific Ave. S. in Tacoma. Built in 1961, the 41-unit property features 25 one-bedroom/one-bath units and 15 two-bedroom/one-bath units, as well as 41 surface parking spots.

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