Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $5 million to refinance a multifamily property located in Oklahoma City, Oklahoma.
Rosemont Apartments is a 156-unit apartment complex comprised of 21, two-story garden-style buildings and is located approximately five miles southwest of downtown Oklahoma City. The property was built in 1970 on a 5.018-acre site that includes a one-story building containing a leasing office.
The borrower purchased the property in late-2016 with a seven-year fixed-term loan, including one-year of interest-only and 30-years of amortization.
“The borrower is a first time Hunt Real Estate Capital and Freddie Mac Small Balance Loan Program borrower, but they are a seasoned commercial real estate and multifamily investors,” commented John Hurley, Vice President at Hunt Real Estate Capital. “They currently have ownership in five multifamily assets located in New Jersey, Pennsylvania, Indiana and Oklahoma with a total of 794 units.”
Property improvements include concrete-paved walkways, landscaping, two swimming pools and two laundry facilities.
“The borrower is planning to invest in a number of capital improvements at Rosemont Apartments in 2017,” added Hurley. “Planned upgrades including exterior maintenance, installation of granite countertops, and the conversion of the second swimming pool into a dog park.”
Rosemont Apartments is well located in close proximity to major roadways and the immediate area is abundant in big-box retail and chain restaurants, which serve as major employment centers and frequently traveled sites in the vicinity.