Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a $23.2 million in Fannie Mae loans to refinance three multifamily properties located in Washington state.
The borrowers are all single-asset, Washington Limited Liability Companies, controlled by the same principle. Loan terms on all three facilities are 10-years with amortization based on a 30-year schedule with no interest only. Yield maintenance will apply during the first 9.5 years.
The properties include Brighton Place Apartments, Breckenridge Apartments and Breckenridge Heights Apartments.
Brighton Place Apartments
Located in Lakewood, Washington, Brighton Place Apartments is a 145-unit garden-style apartment community that was built in 1989 and is situated on a 6.2-acre site. The property is comprised of 12, three-story residential buildings, one clubhouse and four garage buildings as well as parking for 258 vehicles.
Hunt Real Estate Capital provided a $6.2 million loan to refinance this property. Brighton Place apartment has a high concentration of military tenants because it is located near the Joint Base Lewis McChord, a training and mobilization center for all services and the only Army power-projection base west of the Rocky Mountains. Property amenities include a swimming pool, clubhouse, playground, racquetball facilities, fitness center and a business center.
Hunt Real Estate Capital provided a loan in the amount of $6.8 million to refinance Breckenridge Apartments, a 186-unit apartment project located in Tumwater, Washington. The property is a garden-style multifamily facility comprised of 16, two- and three-story buildings, plus one single-story clubhouse.
At Breckenridge Apartments, 83.9% of the units qualify as affordable to tenants with income equal to or less than 80% of AMI. The property is easily accessed and is less than five minutes west of Interstate 5, and less than five minutes south of State Route 101. South Puget Sound Community College is nearby, and the subject is less than 10 minutes from downtown Olympia, the State Capital and the largest employment center in Thurston County. Property amenities include a swimming pool, clubhouse, playground, indoor basketball court, business center, and a fitness center.
Breckenridge Heights Apartments
Breckenridge Heights Apartments is located in Tumwater, Washington and is adjacent to Breckenridge Apartments. Hunt Real Estate Capital provided a loan in the amount of $10.2 million to refinance this 250-unit garden-style apartment community. The property was built in 1994 and is comprised of 19, two- and three-story residential buildings, one clubhouse and garage buildings.
At Breckenridge Heights, 94.4% of the units qualify as affordable to tenants with income equal to or less than 80% of AMI. Common area amenities include a swimming pool, clubhouse, playground, BBQ areas, a business center, and a fitness center.
“All three of these properties are in excellent condition and enjoy good visibility and accessibility located within, or just outside, the Seattle-Tacoma-Bellevue MSA,” noted Jeffrey J. Ballaine, “The borrower is a solid commercial real estate and multifamily investor and a repeat Hunt Real Estate Capital client. We were pleased to structure this financing facility for a quality local sponsor.”