Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two Fannie Mae Small Balance Loans totaling $5.33 million to refinance two multifamily properties located Anchorage, Alaska.
The borrower is a limited liability company, backed by key principal Elaine Baker, the owner of Elaine S. Baker & Associates, a design and furnishing company established in 1982. The properties include Horizon West Apartments and East 56th Avenue Apartments.
Horizon West Apartments
Hunt Real Estate Capital provided a loan in the amount of $2.77 million to enable the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L Street. The property contains one five-story low-rise multifamily building that was constructed in 1971 and contains 17 one-bedroom, one-bathroom apartments and 12 two-bedroom, two-bathroom units. Horizon West Apartments is 96% occupied. The loan is a ten-year fixed-rate loan with 12-months of interest only followed has a 30-year amortization schedule.
East 56th Avenue Apartments
Located at 200, 240 and 270 East 56th Avenue, East 56th Avenue Apartments contains five, three-story walk-up multifamily buildings that were constructed in 2009. The property is 95% occupied and has 22-units, which are comprised of ten two-bedroom, one-bathroom units and 12 two-bedroom, two-bathroom apartments. The loan is a ten-year fixed-rate loan with a 30-year amortization schedule. Hunt Real Estate Capital provided a $2.56 million loan for the acquisition of the property.
“The borrower is an experienced commercial real estate owner with a strong track record in the Anchorage real estate market,” noted Owen Breheny, Managing Director at Hunt Real Estate Capital. “She began investing in commercial real estate properties in 2001 and over the past several years has bought and sold multiple properties in the downtown Anchorage market. In addition to her personal residences, she currently owns 15 units of multifamily and small residential income units also in the local area.”
“The borrower is also a repeat Hunt Real Estate Capital client that knows the local market well,” added Breheny. “Physical occupancy at both properties is strong. We were pleased to provide the financing to secure both Horizon West and East 56th Avenue Apartments.”