NEW YORK, July 28, 2020 /PRNewswire/ -- Hunt Real Estate Capital, a division of ORIX Real Estate Capital, has closed a $6.4 million Fannie Mae Moderate Rehabilitation loan to refinance and renovate an affordable multifamily community located in Grand Junction, Colorado.
Built in 1979, Grand Manor Apartments is located in Mesa County and operates with a Section 8 Housing Assistance Payment (HAP) contract covering all 112 units. The sponsor is Rocky Mountain Communities, a nonprofit organization founded in 1992 that invests in resident-focused affordable housing and services.
"We are proud to partner with Rocky Mountain Communities to help them renovate and preserve 112 affordable units in Grand Junction," said Timothy Hoppin, director at Hunt Real Estate Capital. "Rocky Mountain Communities has provided affordable housing and resident services to more than 11,000 families across Colorado over the past 25 years. Proceeds from the Fannie Mae Moderate Rehab loan will be used to complete in-unit and common area upgrades."
The loan features a low, fixed interest rate and 30-year term and amortization schedule. The successful closing refinances existing debt on the property and provides $2.4 million for renovation, which translates to approximately $21,000 per unit. The projected 12-month renovation schedule will be tenant-in-place, meaning no residents are expected to be relocated.
Major exterior renovations include roof replacement, retaining wall construction, parking lot repair, water and sewer line repairs, fence replacement and the construction of a maintenance shop. Interior renovations include, but are not limited to, new flooring, kitchen and bathroom upgrades, and air furnace replacements.
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.
About Rocky Mountain Communities
Rocky Mountain Communities (RMC) builds brighter futures by investing in resident-focused affordable housing and services in Colorado, empowering individuals and families to thrive. Currently, RMC owns more than 1,130 affordable housing units for underserved populations statewide and manages an additional 500 units. RMC provides programs for residents ranging from English classes to exercise classes and after school activities for kids. Since its founding in 1992, RMC has responded to the need for housing and program services for more than 11,000 families. RMC is a 501(c)(3) organization. For more information, visit www.rockymountaincommunities.org.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital