Hunt Real Estate Capital refinances garden-style Florida apartment complex

Hunt Real Estate Capital has refinanced a multifamily property in Clermont, Fla., through a $53 million, five-year Fannie Mae DUS® conventional multifamily loan.

The property, Vista at Lost Lake, is a 468-unit, garden-style apartment community located in Clermont, a city within the Orlando metropolitan area. It is located on a 39.3-acre site and features a mix of one-, two- and three-bedroom units.

The asset was constructed in two phases, with the first completed in 2007 and the second in 2014. The borrower made several major capital improvements over a three-year period, including a new clubhouse, fitness center and leasing office. According to James Kelly, director at Hunt Real Estate Capital, the borrower plans to make several more upgrades.

As part of the terms of the new loan, the borrower will escrow approximately $1.3 million for exterior upgrades and painting, according to Kelly.