NEW YORK, March 7, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two Fannie Mae DUS® loans totaling $8.84 million to refinance two multifamily properties located in Winchester, Virginia.
The loan term with both deals is 10-years. Yield maintenance will apply during the first 9.5 years with a 1% prepayment fee thereafter, with no fee due for the last 90 days.
The properties include:
- Fay Street Apartments. Hunt Real Estate Capital provided a $4.6 million loan to refinance Fay Street Apartments, a 78–unit apartment community that is comprised of nine, two-story residential buildings. The property was developed in 1956, 1966, 1971, and 1980 and is situated on 2.77 acres of land. The two- and three‐bedroom units are all two‐level townhouse units. The property offers 130 parking spaces and currently has only one vacant unit.
- Fort Colliers Apartments. Hunt Real Estate Capital provided a $4.2 million loan to refinance Fort Colliers Apartments, a 72–unit apartment community that consists of two- and three-story garden style buildings that were built in 1986, 1988, and 1989. The property offers a unit mix of one-, two- and three‐bedroom units. The two- and three‐bedroom units are all two‐level townhouse units. Fort Colliers has only two vacant units. Property amenities include off‐street parking and a laundry facility.
"Both properties are self-managed by the borrower, an experienced local investor in the rental market with a proven track record for success," noted Chad Musgrove, Vice President at Hunt Real Estate Capital. "They own and manage five multifamily properties totaling 262 units, as well as one hotel property."
Winchester is a smaller market within the greater suburban Virginia, Maryland, Washington, DC metro area.
"Both Fay Street and Fort Colliers benefit from good highway access which has a positive impact on the regional economy and ensures access to employment opportunities from Pennsylvania to the north and to western Virginia to the south," added Musgrove. "We were pleased to provide this new loan to a quality local sponsor meeting the demand for workforce affordable 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