Hunt Real Estate Capital provided two Fannie Mae Small Balance Loans totaling $7.2 million to refinance two multifamily properties located in Georgia for the same sponsor.
The properties financed were:
- Harris Ridge Apartments. Hunt Real Estate Capital provided a loan in the amount of $2.2 million to refinance Harris Ridge Apartments. Located at 2200 Jasmine Way, in Grovetown, Georgia, the property consists of 26 individual townhomes. Property amenities include private covered entries, attached garages, and separate laundry rooms with washer/dryer connections. Harris Ridge Apartments is located approximately 7.5 miles from the Fort Gordon Military Base in Augusta.
- Stonewyck Townhomes. Stonewyck Townhomes consists of 50 individual units within 12, two-story garden-style residential townhomes. The property is located on Lauren Lane and Meridith Trail in Augusta, Georgia. Hunt Real Estate Capital provided a $5 million loan to refinance Stonewyck Townhomes. The property is in excellent condition and features high-end finishes. It has limited deferred maintenance given its recent construction. Units average 1,500 square feet and are equipped with tiles or vinyl wood flooring, walk-in closets, loft space, single car garage, washer/dryer hook-ups, wood cabinets, granite countertops in the kitchens and laminate countertops in the bathrooms, stainless steel appliances, and a fenced in backyard.
“The borrowers are repeat Hunt Real Estate Capital and Fannie Mae clients that have over 30 years of combined real estate experience and are well versed in the development, management, and operations of multifamily and mixed-use properties,” noted Keith Morris, Director at Hunt Real Estate Capital. “They are local Augusta developers who have been an absolute pleasure to work with.”