NEW YORK, May 30, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two Freddie Mac Small Balance Loans to finance two multifamily properties located in South Florida. The total financing is $4.5 million.
The properties include:
- 1916 SW 11th Street. Hunt Real Estate Capital provided a $2.5 million loan to finance the acquisition of 1916 SW 11th Street, a 24-unit, garden-style apartment property that was built in 1967 and is located in Fort Lauderdale, Florida.
The property offers 16 one-bedroom/one-bathroom units, four two-bedroom/one-bathroom apartments, and four two-bedroom/two-bathroom units. Property amenities include a common laundry room and 23 open parking spaces. The subject is currently 100% occupied.
The seller invested approximately $300,000 in capital expenditures from 2013-2015 to renovate the asset. Improvements include remodeling units with new bathrooms, upgraded plumbing, upgraded granite kitchen countertops, exterior and interior painting, central AC installment, and roof replacement.
- 200 and 216-218 NW 25th Street. Hunt Real Estate Capital provided a $2 million loan to refinance 200 and 216-218 NW 25th Street, a 12-unit, garden-style apartment community that was built in 1974-1975 and is located in Wilton Manors, Florida. The borrower purchased the property in August 2016 and has invested $631,300 in capital improvements that include a wide variety of both interior and exterior upgrades.
The property offers two studio units and 10 two-bedroom apartments. The property also contains 24 parking spaces and is currently 100% occupied.
"The borrower is a seasoned commercial real estate investor and repeat Hunt Real Estate Capital client," noted Chad Musgrove, Vice President at Hunt Real Estate Capital. "Their overall portfolio includes five four-plex rental properties and they have a proven track record for success. We were pleased to provide these loans to a quality sponsor meeting the demand for quality affordable housing."
About Hunt Real Estate Capital
Hunt Real Estate Capital, a division of Hunt Capital Holdings LLC, ("HREC") is a leader in financing, investing and managing multifamily housing and commercial real estate. HREC is a source of debt and equity capital for multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage, and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private investment vehicles. HREC is the third largest multifamily property manager in the US. To learn more, visit https://huntrealestatecapital.com.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital