Hunt Real Estate Capital provided a Freddie Mac Small Balance Loan in the amount of $5.85 million to refinance a multifamily property located in the Roxboro- Manayunk neighborhood of Philadelphia.
The loan is a 10-year fixed rate loan with a 30-year amortization schedule. The property also benefits from a 10-year tax abatement. Terrace Lofts is a four-story mid-rise style apartment complex with 32 units.
"The sponsor of the project is a real estate investor with 11 years of direct investment experience in multifamily assets in the Philadelphia market," Harris Heller, managing director for Hunt Real Estate Capital. "We were pleased to partner with the sponsor as the finance entity on this deal to secure a quality rental option in a solid market."
CIT Finances Miami Apartment Building
CIT Group has financed $31 million in financing to acquire and renovate a multifamily apartment building in Miami.
The Miami-based property is being acquired through a joint venture between Mill Creek Residential and Rockwood Capital. The building is a 20-story, 166-unit multifamily building in Miami's Health District.
"The property offers the opportunity to invest, with a partner in a Class-A cash-flowing asset with renovation, development and operational upside," said David Streicher of Rockwood.
