NEW YORK, Sept. 30, 2020 /PRNewswire/ -- Hunt Real Estate Capital, a division of ORIX Real Estate Capital, announced that it has provided a $27 million Fannie Mae DUS® Conventional Multifamily loan to refinance construction debt for Las Vistas at Amelia, a 174-unit apartment community in Miami-Dade county.
Built in 2020, Las Vistas at Amelia is a workforce housing community designed to attract young professionals. The two-bedroom, two-bathroom apartments feature a modern design with ceramic tile flooring throughout, granite countertops in the kitchen and bathrooms, and state-of-the-art hurricane impact windows.
Located in Hialeah, Florida, the property quickly leased up post-construction, demonstrating its strong appeal to the community.
"Las Vistas at Amelia is a high-quality workforce housing community that plays an important role in the city of Hialeah by providing safe, first-rate housing for its residents," said Marc Suarez, director with Hunt.
The $27 million loan features a low, fixed interest rate, 15-year term, and 10 years of interest only, followed by a 30-year amortization schedule. In addition to paying off construction debt, the loan provides substantial proceeds to the sponsors.
"Refinancing construction debt with agency financing within a year of the new build is a noteworthy feat," Suarez concluded. "Fannie Mae multifamily financing can be impressively efficient and an optimal permanent debt solution."
About Hunt Real Estate Capital
Hunt Real Estate Capital (HREC), a division of ORIX Real Estate Capital, is a leader in financing multifamily housing and commercial real estate. HREC is a source of debt 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. To learn more, visit www.huntrealestatecapital.com.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital