NEW YORK, May 13, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $7.5 million to refinance a multifamily property located in Los Angeles, California.
The Ashby Apartments is a 49-unit, mid-rise apartment complex comprised of one, five-story building on a 0.40 acre parcel of land. Property amenities include 26 surface parking spaces, 12 carports, a laundry room and recreation room.
The borrower is Concord Capital Partners and the key principals are Avy Azeroual and Reuben Robin. The loan is a seven-year, fixed-rate facility with 30 years of amortization and a step-down prepayment penalty.
"The Ashby was built in 1930 and was acquired by the borrower in 2015," noted Ted Nasca, Managing Director at Hunt Real Estate Capital. "The borrower implemented a renovation on the property from 2016 to 2018, and it is now 100% physically occupied."
The total renovation investment was just over $788,000. Renovations undertaken included roofing, exterior painting, interior common areas, flooring, interior painting, appliances, cabinets and new bathrooms.
The property is located in the Koreantown sub market of Los Angeles, and it is currently 100% occupied.
"The property is located in a growing market that consistently supports demand for multifamily housing," added Nasca. "Together, the borrowers have over 30 years of combined multifamily experience. We were pleased to partner with this quality borrower on such a well-located apartment facility."
The Ashby contains both studios and one-bedroom apartments. There is also a common area below that offers residents a shared kitchen, bathroom, pool table and couches with a television.
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.
About Concord Capital Partners
Concord Capital Partners is a real estate investment and development firm founded by Reuben Robin. Our unique ability to holistically service, capitalize, and manage assets has been the key to our success in significantly growing client investments. Since 2006, CCP has acquired over 1 Billion in real estate including over 500,000+ sq. ft. of commercial space and over 3,500+ of residential and student housing units throughout the United States. CCP draws on decades of combined experience to identify and acquire unique investments and ground up development opportunities that maximize returns. From creative debt and equity structures to in-depth expense budgeting to overall asset enhancement and development; CCP does what it takes to amplify future market values. Our flexibility, creativity and resourcefulness make us a leader in the market.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital