Hunt Real Estate Capital it provided a conventional Fannie Mae loan in the amount of $15.68 million to finance the acquisition of a multifamily property located in Baltimore.
The Park Raven Apartments is a vintage multifamily apartment community that consists of 253 multifamily units. The property was built in 1949, renovated in 2006, and is comprised of 23 two-story, garden-style apartment buildings.
The borrower will acquire the property from Park Raven Holdings LLC in an arm's-length transaction. The loan has a 15-year term with eight years interest-only followed by a 30-year amortization period.
The borrower is Park Raven DNB and is a repeat Hunt Real Estate Capital client. "To date, we have financed 15 multifamily apartment communities with the borrower, and these assets are located throughout North Carolina, Virginia, Delaware, New Jersey and Maryland," said Steven Cox, senior managing director at Hunt Real Estate Capital.
"The borrower has decided to finance the property under Fannie Mae's Green Reward program and plans to identify and implement various energy and water conservation measures on-site," said Cox. "The goal is to save over 30 percent of the combined water and energy usage at the property, including a minimum of 15 percent energy savings."
Park Raven is located around six miles northeast of the Baltimore Central Business District, four miles southeast of Towson and 32 miles southwest of Aberdeen. The immediate neighborhood has additional multifamily developments, as well as nearby commercial-retail establishments and educational facilities. The property also enjoys convenient access to the region's transportation infrastructure, and Park Raven residents are at the center of quality employment opportunities in the Baltimore metropolitan area.
Property amenities include centralized laundry facilities, on-site property management and 24-hour emergency maintenance.