Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided an FHA mortgage loan in the amount of $23.5 million to finance the development of a new multifamily property located in Ennis, Texas, a small town approximately 45 miles south of downtown Dallas.
Proceeds from the loan will be used to build Spyglass Apartments, a new property that will be built on a 12.9-acre site. When complete, the property will have 192-units housed in nine, three-story wood frame walk-up buildings. In addition, the property will feature a luxury clubhouse with a leasing office, kitchen, wi-fi café, resort style swimming pool, fitness center, BBQ grilling area and jogging trail. The property will also be furnished on-site via 364 spaces, including 14 handicap spaces.
“Spyglass Apartments is a new construction project designed to provide market rate housing for local working professionals and families,” explained Jeff Jones, Senior Vice President at Hunt Real Estate Capital. “The borrower will utilize green and energy efficient measures to reduce operating costs and limit the overall impact of the property to the environment. Once built, the property will have National Green Building Standards Certification.”
The borrower is Spyglass Apartments of Ennis, LP, a Texas limited partnership, backed by Key Principal John Altman.
“The borrower is an experienced commercial real estate executive who has been developing real estate for more than 30 years. He has extensive real estate experience that includes construction and structured financings, development, rehabilitation, ownership and management experience with multifamily properties,” added Jones. “We were pleased to partner with John, a quality local investor to bring new housing to the local area.”
The property will consist of 72 one-bedroom, one-bathroom apartments and 120 two-bedroom, two-bathroom units. Spyglass Apartments will be in a good location in close proximity to schools, retail, pharmacies and a medical center, and will appeal to middle- and upper-income renters who work in Ennis or are need of easy access to the Dallas-Fort Worth MSA.