Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided an $21,527,000 Fannie Mae loan to refinance a multifamily property located in Casa Grande, Arizona.
The property is a 323-unit, garden-style apartment complex known as Desert Sands Apartment Homes and is located at 720 West O’Neil Drive. The property was built in 2008 and consists of 31, one- and two-story residential buildings, and a combination leasing office/clubhouse.
The borrower is HSL Des Properties, LLC, an entity affiliated with HSL Properties, Inc. and Mr. Humberto S. Lopez – one of the premier owners of multifamily and other commercial real estate in the Southwestern United States. The loan term is 10-years with amortization based on a 30-year schedule. Yield maintenance will apply during the first 9.5 years.
“HSL is a seasoned multifamily owner-operator with more than 40 years of industry experience,” noted Vic Clark, Senior Managing Director & National Production Leader at Hunt Real Estate Capital. “They acquired the property in 2010 during the national economic downturn, and have done a tremendous job improving operations over the last 6+ years. We are excited to continue growing our relationship with such a distinguished sponsor.”
The property is in excellent condition with project amenities including gated entry, a 24-hour fitness center, two community swimming pools and two heated spas, shaded children’s playground, basketball court, barbecue/picnic areas, and covered parking. Casa Grande is located approximately 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The Casa Grande submarket is growing well alongside the greater Phoenix MSA as one of the outlying suburbs with lower living costs and still a manageable commute into Phoenix.
“We were very pleased to close this loan on a high-quality piece of real estate for a great customer,” added Colin Cross, Director and head of the Dallas Originations Team at Hunt Real Estate Capital. “Working with Omar Mireles and the entire HSL team was an absolute pleasure, and with recent announcements bringing new manufacturing and innovative technology jobs to Casa Grande we believe this is a marvelous addition to the HMG portfolio of loans.”