NEW YORK, NY — Hunt Real Estate Capital, a leader in financing multifamily and commercial real estate throughout the United States, announced today it provided a Freddie Mac multifamily loan in the amount of $8.98 million to refinance a multifamily property located in Mesa, Arizona.
Rancho Palos Verde Apartments is a 152-unit fractured condo community. The borrower now owns all units and will operate the asset as a garden-style apartment complex that consists of 48 one-bedroom, one-bathroom units, 56 two-bedroom, two-bathroom apartments, and 48 two-bedroom, two-bathroom townhouse-style units contained within 13 two-story residential buildings. There is also a single-story clubhouse that contains the leasing office.
“The borrower is a repeat Freddie Mac and Hunt client who has more than 22 years of multifamily real estate development, acquisition, and management experience,” noted Chris Warren, Managing Director at Hunt Real Estate Capital.
“Rancho Palos Verdes Apartments is located in a growing market that consistently supports demand for multifamily housing,” added Warren. “Population in the local market is expected to continue to grow over the near term. We were pleased to play a role in this deal to secure this quality property.”
The borrower acquired the property from various owners, at arm’s length transactions, between September 2018 and February 2019. The subject loan started as a fractured condo loan, but the borrower was able to acquire 100% of the units while Hunt’s loan was in process. Hunt was able to proceed with very limited historical income and expense data due to the fractured condo nature of the asset. Now that the sponsor has fully acquired the property, the plan is to renovate units as they turn over.
Property amenities include a leasing office, fitness center, swimming pool with spa, covered parking, and pedestrian and vehicle access gates.
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 255 professionals in 24 locations throughout the United States. To learn more, visit huntrealestatecapital.com