Hunt Real Estate Capital has provided a five-year $18.5 million conventional loan from the Federal National Mortgage Association (Fannie Mae) to finance the acquisition of The Reserves at 700, a multifamily property located in Big Spring, Texas.
The borrowers were Hunt Real Estate Capital clients Robert Blau and Adam Jacobson, who have been involved in four previous transactions with Fannie Mae and three with Freddie Mac, according to Vic Clark, senior managing director at Hunt.
Constructed in 2017, the building is comprised of 180 residential units in three-story garden-style apartment buildings, according to the real estate company. The property contains 177,990 square feet of net rentable area and offers one- and two-bedroom units with five different unit layouts.
