Hunt Real Estate Capital announced that it provided two Freddie Mac conventional loans totaling $65.012 million to finance the acquisition of two multifamily properties located in North Carolina for the same sponsor.
“We were thrilled that we were able to close these two deals in only 27 days,” noted John Beam, Managing Director at Hunt Real Estate Capital. “Not only did we provide an early treasury rate lock but also increased the loan proceeds during underwriting through Freddie Mac’s highly successful Index Lock Program.”
The borrower is a JV with a seasoned equity investor with Joe Lubeck, American Landmark, as the managing partner. The properties financed are:
- Edinborough Commons. Hunt Real Estate Capital provided a $30.105 million seven-year loan to enable the acquisition of Edinborough Commons, a 312-unit apartment complex located in Raleigh, North Carolina. The property was built in 1996 and 1997 and is comprised of 16, three-story garden-style apartment buildings. The new owner plans to invest an additional $2.17 million in improvements over the next few years. Property amenities include resort-style pools and spa deck area, gas grill stations, large fitness center, dog park, sand volleyball court, car wash station, clothes care center and two tennis courts.
- Edinborough at the Park. Edinborough at the Park is 330-unit, apartment complex that is comprised of 5, three-story garden-style apartment buildings and is located in Durham, North Carolina. Hunt Mortgage provided a $34.907 million dollar seven-year loan to facilitate the acquisition of this property. The new owner plans to invest approximately $2.3 million in capital upgrades in the property, including upgrading units into “premium” units and investing in a variety of common area amenity upgrades. Property amenities include a concierge, package/grocery/dry cleaning reception, two resort-style pools and spa deck area, heated indoor lap pool, gas grill stations, large fitness center, dog park with agility stations, residence lounge, business center, car wash station, clothes care center and LED lit tennis court.
According to Deborah Proctor, Vice President at Hunt Real Estate Capital, “The properties are located in strong job-growth markets that consistently support demand for multifamily housing with competitive amenity packages. We were pleased to quickly close on these deals for a repeat Hunt Real Estate Capital client.”
Edinborough Commons and Edinborough at the Park are located within the Raleigh-Durham MSA, specifically in close proximity to the Research Triangle Park, a high-tech job-generator surrounded by the area’s three major research universities: North Carolina State University, Duke University, and UNC-Chapel Hill.