Hunt Real Estate Capital provided two Fannie Mae DUS loans totaling $8.84 million to refinance two multifamily properties located in Winchester, Va.
The loan term with both deals is 10-years. Yield maintenance will apply during the first 9.5 years with a 1% prepayment fee thereafter, with no fee due for the last 90 days.
The two properties include:
- Fay Street Apartments: Hunt provided a $4.6 million loan to refinance Fay Street Apartments, a 78–unit apartment community that is comprised of nine, two-story residential buildings. The property is situated on 2.77 acres of land. The two- and three‐bedroom units are all two‐level townhouse units. The property offers 130 parking spaces and has only one vacant unit.
- Fort Colliers Apartments:Hunt provided a $4.2 million loan to refinance Fort Colliers Apartments, a 72–unit apartment community that consists of two- and three-story garden style buildings that were built in the 1980s. The property offers a unit mix of one-bedroom apartments as well as two- and three‐bedroom townhouses on two levels. Fort Colliers has only two vacant units.
"Both properties are self-managed by the borrower, an experienced local investor in the rental market with a proven track record for success," said Chad Musgrove, vice president at Hunt. "They own and manage five multifamily properties totaling 262 units, as well as one hotel property."
Winchester is a smaller market within the greater suburban Virginia, Maryland, Washington, D.C. area.
"Both Fay Street and Fort Colliers benefit from good highway access which has a positive impact on the regional economy and ensures access to employment opportunities from Pennsylvania to the north and to western Virginia to the south," said Musgrove.
