Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan facility in the amount of $11.6 million to refinance a multifamily property located in Houston, Texas.
Northland Woods Apartments is a 280-unit garden-style multifamily apartment community comprised of 21 two- and three-story apartment buildings. It is located in the Greenspoint neighborhood of northern Houston near George Bush Intercontinental Airport.
“The borrower built the property in 2005 and is a seasoned owner of multifamily affordable housing,” noted Paul Weissman, Senior Managing Director at Hunt Real Estate Capital. “The Low Income Housing Tax Credit Program was utilized to develop the property.”
Northland Woods Apartments is operated as an affordable apartment community for residents earning 60% of the Area Median Income (AMI) or less with rents restricted at 50% AMI. Project amenities include an on-site leasing/management clubhouse building with Wi-Fi accessibility, a business center and fitness center, two swimming pools, a playground, three common laundry buildings, and a wooden pergola adjacent to the pool at the clubhouse building.
“All of the multifamily properties they own are located in Texas with the majority in Houston or the surrounding metro region,” added Weissman. “We were pleased to deliver this loan to a solid sponsor who provides much needed affordable housing to the local community.”