Source: Hunt Real Estate Capital
BEAVERTON, OR - A subsidiary of Hunt Companies closed Freddie Mac refinancing for two properties containing a total of 542 multifamily units in Beaverton, Oregon. Historically low interest rates enabled Hunt to secure 10-year loans at 50% loan to value (LTV) with a 2.54% fixed interest rate and full-term (10 years) of interest only.
The properties were acquired in 2011 through Hunt's value add program and are being managed on behalf of a global real estate-focused investment manager. The $65 million in combined proceeds from the loans exceeds the original purchase price of the properties and highlights the appreciation of the projects during the hold period.
Hunt Executive Vice President Dominick Cristiano, who ran the transaction, commented, "The ability to maintain rent collections during the loan process in these uncertain times was a testament to our team's efforts, especially Brian Kelley, an Asset Manager at Hunt. The execution was flawless allowing us to close the loan 49 days from application. A lot of the credit goes to our transaction team of Penny Bradbury and Jesse Batterton for their efforts."