Hunt Real Estate Capital provides $5.4m loan for Texas multifamily complex
Hunt Real Estate Capital (HREC) has provided a Fannie Mae conventional loan of $5.4 million to refinance a 72-unit multifamily property in Kenedy, Texas.
The building is located at 241 W. State Hwy. 72.
Built in 2015, Kenedy Heights Apartments consists of eight two-story apartment buildings, featuring 24 one-bedroom units, 40 two-bedroom units, and eight three-bedroom units. Other amenities include a clubhouse with offices, on-site security, a sport court, community barbecue grills, on-site laundry facilities, a fitness center, a business center with wifi, a playground and a mailbox kiosk.
The building is 98 percent occupied.
The refinancing was structured as a seven-year floating-rate loan, featuring one year of interest only. D. Ansley Company arranged the financing on behalf of the sponsor, Kenedy Heights LLC.
“The sponsors are experienced real estate investors that know this local market inside and out,” commented Colin Cross, director of originations at HREC. “We were very pleased to partner with the sponsors and our friends at D. Ansley to deliver the flexible financing needed to achieve their business plan for years to come.”
He added, “Kenedy is a growing market in need of more quality multifamily housing to support long-term growth. This property was expertly designed by the sponsors to appeal to a wide variety of tenants, including school teachers, healthcare professionals, bank employees, energy sector personnel, and other service industry workers.”
HREC is the third-largest multifamily property manager in the United States and provides debt and equity capital for a diverse range of real estate assets, such as multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage and mixed-use.
It provides financing through Fannie Mae, Freddie Mac, FHA, public and private investment vehicles, as well as its own balance sheet.