Hunt Real Estate Capital has provided three Freddie Mac Small Balance Loans totaling $11.1 million. To complete the transactions, Hunt provided two cash-out refinances, which provided liquidity for the acquisition of a third property.
The loans have a five-year fixed-rate term, with no interest only period, amortized over 30-years. All three properties are fully occupied, and they are as follows:
- Springtree Apartments received a $6.7 million loan to acquire Springtree Apartments in Lakewood, Wash. The complex is comprised of 13 buildings and the unit mix includes 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bathroom apartments. The sellers recently completed a property renovation. There are 41 surface parking spots at the property, and project amenities includes common laundry, a sport court, playground, barbecue/picnic area, and on-site manager.
- Southcrest Apartments received a loan in the amount of $1.7 million to refinance the Lakewood, Wash-based property. Built in 1970, the property consists of five, two-story apartment buildings. The unit mix is 35 one-bedroom, one-bathroom units, and one two-bedroom, one-bathroom apartment. There are also 46 surface parking spots at the property. Units have been updated when turned over during the past three years, with the owner investing $119,520 in improvements since acquisition.
- Colonial Village Apartments received a $2.7 million loan to refinance the property that’s based in Tacoma, Wash. The property was built in 1961 and the borrowers have maintained the property replacing, repairing and upgrading as needed. They have invested $160,640 in the property since acquisition. The property has 25 one-bedroom, one-bathroom units, and 16 two-bedroom, one-bathroom apartments.
"The borrowers have solid experience in the local rental market with a proven track record for success," noted Chris Warren, director at Hunt Real Estate Capital. "They purchased their first multifamily complex in 1988 and have steadily expanded their portfolio since. The borrowers have successfully owned and operated multifamily properties in the greater Seattle area for over 31 years. "
