“All three properties are performing well and are located in quality markets,” commented Marc Suarez, Director at Hunt Real Estate Capital. “The borrowers are all experienced local commercial real estate and multifamily investors with multiple interests in the Florida market.”
The properties include Eastwood Oaks Apartments, Beachside Apartments and 521 NW 35th Court Apartments.
Eastwood Oaks Apartments
Hunt Real Estate Capital provided a $3.5 million Freddie Mac loan facility for the acquisition of Eastwood Oaks Apartments, a 104-unit multifamily property located in Nassau County in Hilliard, Florida. Nassau County is located approximately 35 miles northwest of the Jacksonville central business district, and six miles south of the Florida-Georgia border. The borrower is a Florida limited liability company and the loan is a seven-year Hybrid ARM with no interest-only, amortizing over 30 years.
“The borrower on this property is a quality sponsor and repeat Hunt Real Estate Capital client,” noted Suarez. “The property was built in 1974 and is in good condition as the seller invested more than $300,000 in capital improvements over the past three years.” Improvements included: exterior painting, AC equipment, full window replacement, full wood stair and decking replacement, asphalt repairs and the addition of 12 parking spaces.
Beachside Apartments is a 28-unit multifamily property comprised of two, two- and three-story apartment buildings with 42 parking spaces. Hunt Real Estate Capital provided a $1.3 million Fannie Mae loan to refinance Beachside Apartments, which is located in Daytona Beach, Florida. Loan terms are a 10-year term and a step-down prepayment. The payments will be based on a 30-year amortization schedule with a five-year interest-only period. The borrower is a South Florida based sponsor.
“Beachside Apartments is performing very well,” said Suarez. “It is 100% occupied and has maintained an average occupancy rate of 97% over the past 12 months.” The property is also well located within walking distance of the Atlantic Ocean and the Halifax River. It is in close proximity to entertainment and numerous restaurants on the barrier island.
521 NW 35th Court Apartments
Located in Pompano Beach, Florida, 521 NW 35th Court Apartments is a 19-unit multifamily property comprised of one, two-story building with 26 parking spaces. Hunt Real Estate Capital provided a $1 million Freddie Mac loan to acquire this property. The borrower is a Florida Limited Liability Company, backed by a Sweden based foreign principal. The loan has a five-year term amortizing over 30 years.
“The property was built in 1969 and the seller made numerous capital improvements before the acquisition,” noted Chad Musgrove, Vice President, at Hunt Real Estate Capital who handled this transaction. “This sponsor is a seasoned local commercial real estate investor who currently owns numerous properties in South Florida.” Pompano Beach is considered a strong growth market and is located about 40 miles north of Miami.
“We were pleased to deliver quickly and efficiently on these deals as exceptional customer service is one of our distinct differentiators in the Florida market,” concluded Suarez.