Hunt Real Estate Capital, a commercial real-estate lender, has financed three multifamily properties, two in Chicago and one in Lakewood, Ohio. The deals were brought to the firm by American Street Capital, a correspondent broker based in Chicago.
The transactions include the following properties:
- Hunt provided a $1.6 million non-recourse mortgage to refinance 7200 South.Bennett Avenue, a four-story walk-up apartment building with 28 units . The property is located in Chicago and is 92.9 percent occupied. The borrower is a seasoned real-estate professional with almost a decade of experience in commercial real estate investing.
The borrower purchased the property as a distressed asset from a private equity group in 2016 and has invested around $215,000 in 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.
- Hunt extended 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 and has 24 residential units. Since acquisition, the borrower has invested approximately $175,000 in 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. The property is 92.9% occupied.
- Hunt 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 buildings which are 93.8 percent occupied. The loan has a 10-year fixed-rate term with 12 months of interest only and a 30-year amortization schedule.
“The borrowers on all three deals are experienced commercial real estate and multifamily investors,” said Josh Messier, managing director at Hunt. “American Street Capital continues to be a wonderful partner, and we were pleased to be selected to provide the financing and help offer quality apartment options to residents of Chicago and Lakewood.”