Hunt Real Estate Capital has arranged a Fannie Mae affordable multifamily loan in the amount of $19.5 million to finance the acquisition of a multifamily property, located in Austin, Texas.
Blunn Creek Apartments consists of 280 apartments and is comprised of 12, three-story buildings. The borrower, Avanath Capital Management, has acquired more than 8,000 apartment properties in 12 states since 2008.
“The borrower has allocated approximately $2 million in funding for a variety of interior and exterior improvements,” said Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Austin a solid opportunity for affordable housing.”
Blunn Creek is an affordable housing property and 100% of the units are restricted to individuals or families whose income is 60% or less of the area median income. Hunt provided a loan that featured four-years of interest only payments on the property.
Common area amenities include gated access, on-site management, a clubhouse, laundry facility, fitness center, business center, picnic areas, barbecue grills, covered parking, a playground and a pool. In addition, 32 units are accessible by persons with disabilities.
