Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided three Freddie Mac small balance loans totaling $6 million to refinance three properties in Seattle, Washington. The properties include:
- Travis Apartments. Hunt Mortgage Partners provided a $1.24 million loan to refinance Travis Apartments, a six-unit multifamily walk-up property located at 325 17th Avenue East. The property is comprised of a single, three-story residential building constructed in 1926 and situated on a 0.17-acre parcel of land.
- Alta Casa Apartments. Alta Casa Apartments is a 15-unit multifamily walk-up building located at 1645 10th Avenue East. The property consists of a single, three-story residential building constructed in 1923 and situated on a 0.15-acre parcel of land. Hunt Real Estate Capital provided a $2.69 million loan to refinance Alta Casa Apartments.
- Castlereach Apartments. Hunt Mortgage Partners provided a $1.97 million loan to refinance Castlereach Apartments, a single, two-story mixed-use apartment building containing seven residential units, and three commercial units. The property was constructed in 1926 and is situated on a 0.14-acre parcel.
The borrowers on these properties are brothers Ted and Thomas Lee. The transactions are all 5 + 1 Hybrid ARMs amortized over 30 years.
“The Lee brothers are both new clients for Hunt Real Estate Capital and Freddie Mac,” noted Jeffrey J. Ballaine, Vice President at Hunt Real Estate Capital. “But they are both seasoned local commercial real estate and multifamily investors.”
These deals were brought to Hunt Real Estate Capital by Robert Regan, owner of Catalyst Commercial Partners who also serves as professional manager of all three buildings.
Both Alta Casa and Travis Apartments are in the Capitol Hill submarket, approximately three miles east of the Seattle central business district. Castlereach is located in Seattle.
“These properties are in desirable neighborhoods, near a wide variety of commercial uses and transportation services,” added Ballaine. “Local vacancy rates have been consistently strong over the previous five years. We were pleased to deliver these loans to solid local sponsors.”