NEW YORK, NY - Hunt Real Estate Capital announced it has closed three Fannie Mae multifamily conventional loans totaling $45.5 million for three Southeast properties with a total of 620 units.
"The borrower, EBSCO Income Properties, LLC, wanted to obtain advantageous, long-term debt on each of the properties and put them in a favorable position for the foreseeable future," said Chad Hagwood, senior managing director and southeast regional manager with Hunt Real Estate Capital. "By closing three 12-year loans with low, fixed rates and four years of interest only, our team was able to provide an ideal solution for our client."
Tapestry on Vaughn, located in Montgomery, Alabama, is a garden-style multifamily community built in 1994. Trilliam Luxury Apartment Homes, in Clanton, Alabama, is an affordable housing community built in 2002. Located in Macon, Georgia, Pavilion at Plantation Way is a mid-rise apartment property built in 2009.
"It was a pleasure working with Chad Hagwood and Hunt Real Estate Capital's Birmingham team to process and close three heavily-structured refinances," stated Leslie Yeilding, president and general manager of EBSCO Income Properties, LLC. "Chad's team was able to deliver a stellar outcome, completing the loan process in just 22 days from application signing to funding during the COVID-19 pandemic."
"With such a tight schedule, there was no time for missteps, and it is times like these where experience means everything," Hagwood added. "The team at Hunt was able to seamlessly execute the process from start to finish, resulting in a very satisfied client and deals closed exactly as they were put under application despite the turmoil in the market."
Source: Hunt Real Estate Capital