Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it has provided a Fannie Mae loan facility in the amount of $8.65 million finance the acquisition of a multifamily property located in Newport News, Virginia.
Lee’s Landing is comprised of 22, two-story apartment buildings and a leasing office/clubhouse. Built in 1987, the property has 136-units and offers 220 open parking spaces.
The borrower is Lee’s Landing DNB LLC, a single-purpose Virginia limited liability company. The loan has a 12-year term, five years interest-only followed by a 30-year amortization period, and an 11.5-year yield maintenance period.
“The borrower is a repeat Hunt Real Estate Capital and Fannie Mae sponsor, having most recently purchased the Trellis at Lee’s Mill multifamily property that is located just over two miles south of Lee’s Landing,” commented Steven Cox, Managing Director at Hunt Real Estate Capital. “The borrower plans to make improvements to qualify for the Fannie Mae Green Rewards program, including installing new low-flow toilets, new sink/shower aerators, and new LED lighting.”
Property amenities include a playground, a swimming pool and an office. Newport News is located in the Norfolk/Hampton Roads MSA.
“The borrower currently owns and operates twenty-five multifamily properties located throughout North Carolina, Maryland, Delaware, Virginia and New Jersey,” added Cox. “We have financed nine multifamily apartment communities with this sponsor and they have a solid history of success. We were happy to deliver on this loan for a quality sponsor.”