NEW YORK, March 14, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing multifamily and commercial real estate throughout the United States, announced today it provided a Freddie Mac conventional multifamily loan in the amount of $17.92 million to refinance a student housing portfolio located in Tuscaloosa, Alabama.
College Station Properties Portfolio is a 171-unit, 12-building student housing portfolio that consists of:
- Preston Place – seven buildings, 115 units, 240 beds
- Alexandria – one building, 10 units, 22 beds
- Georgian – one building, eight units, 20 beds
- St. Charles – one building, 24 units, 48 beds
- St. George – one building, 12 units, 24 beds
- 317 Reed – one building, two units, eight beds
The properties were constructed between 1988 and 1992 and have been updated/renovated over various periods of ownership. The portfolio primarily serves students that attend the University of Alabama.
The borrower is ROAR IV, LLC, backed by H. Pettus Randall, IV and Jay Evans, who acquired the properties between 1994 and 1999. The loan has a 10-year term with five years of interest-only, followed by a 30-year amortization schedule. Brandon Pate of the Birmingham office managed the transaction through closing.
"The borrowers are highly experienced student housing owner operators," commented Chad Hagwood, Senior Managing Director and Southeast Regional Manager at Hunt Real Estate Capital. "They have a fantastic track record and are providing great housing with walkability to the University of Alabama campus. Together they own and manage a number of other student properties located in both Tuscaloosa and Auburn, and all of them operate at or near 100 percent occupancy."
"The local market fundamentals are strong, and the five-year forecast expects vacancy to continue to decline to 2.5 percent," added Hagwood. "Tuscaloosa recently adopted new zoning ordinances that will heavily restrict new multifamily supply and benefit the performance of existing properties. We were pleased to partner with this solid sponsor to provide local students quality housing."
About Hunt Real Estate Capital
Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $28.4 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 255 professionals in 24 locations throughout the United States. To learn more, visit https://huntrealestatecapital.com/.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital