NEW YORK, NY — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it financed three multifamily assets – two properties in Chicago and one scattered site portfolio in Lakewood, Ohio. All three deals were brought to the firm by American Street Capital, a correspondent broker based in Chicago. The total Hunt Real Estate Capital financing is $4.37 million.
The properties include:
7200 S. Bennett Avenue. Hunt Real Estate Capital provided a $1.6 million non-recourse mortgage to refinance 7200 S. Bennett Avenue, a four-story walk-up apartment building with a total of 28 residential units that was built in 1922. Located in the Southside Neighborhood of Chicago, the property is 92.9% occupied. The borrower is a seasoned real estate professional with nearly a decade of experience investing in commercial real estate.
The borrower purchased the property as a distressed asset from a private equity group in March 2016 and has since invested approximately $215,000 toward unit renovations, mechanical systems upgrades, and exterior maintenance. The transaction is a 7/13 Hybrid ARM with a loan term of 20 years. Repayment will be based on interest-only for 24 months followed by a 30-year amortization schedule thereafter.
7421 S. Yates Boulevard. Hunt Real Estate Capital provided a $1.11 million loan facility to refinance another property for the same sponsor. Also located in Chicago, 7421 S. Yates Boulevard was acquired as a distressed asset in the same portfolio as 7200 S. Bennett Avenue. The property is a 1964-built three-story walk-up apartment building with 24 residential units.
Since acquisition, the borrower has invested approximately $175,000 in unit renovations, mechanical systems upgrades, and exterior maintenance. The transaction is a 7/13 Hybrid ARM with a loan term of 20 years. Repayment will be based on interest-only for 24 months followed by a 30-year amortization schedule thereafter. 7421 S. Yates Boulevard is 92.9% occupied.
1681-1685 Lincoln Avenue and 13468 Clifton Boulevard. Hunt Real Estate Capital provided a $1.66 million loan to finance the acquisition of 1681-1685 Lincoln Avenue and 13468 Clifton Boulevard, a 49-unit scattered site apartment portfolio located in Lakewood, Ohio. The property consists of three separate parcels; two are adjoining located on the east side of Lincoln Avenue and the third is located approximately one mile northeast. 1681 Lincoln Avenue was constructed in 1900, 1685 Lincoln Avenue was constructed in 1917, and 13468 Clifton Boulevard was constructed in 1926.
The loan has a 10-year fixed-rate term with 12 months of interest-only and a 30-year amortization schedule. The property is 93.8% occupied. Lakewood is located approximately 7 miles west of Cleveland.
“The borrowers on all three deals are experienced commercial real estate and multifamily investors,” noted Josh Messier, Managing Director at Hunt Real Estate Capital. “American Street Capital continues to be a wonderful partner of Hunt Real Estate Capital, and we were pleased to be selected to provide the financing and help offer quality apartment options to residents of Chicago and Lakewood.”
About Hunt Real Estate Capital: Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $28.4 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 241 professionals in 25 locations throughout the United States. To learn more, visit huntrealestatecapital.com