Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today that it has refinanced two multifamily properties locates in Jackson, Tennessee. The mortgages were both Freddie Mac ARM loans and the total Hunt Real Estate Capital financing is $31.1 million.
The borrower is a repeat Hunt Real Estate Capital client. Over the past several years, Hunt Real Estate Capital has financed nearly a billion dollars in multifamily real estate with this solid business partner. In this transaction, the properties include Camellia Trace Apartments and Cherry Grove Apartments.
Camellia Trace Apartments
Camellia Trace Apartments is a 212-unit multifamily apartment complex comprised of ten residential buildings and a clubhouse building totaling approximately 225,996 rentable square feet. Hunt Real Estate Capital invested $11.2 million to refinance the property.
The property totals approximately 11.92 acres and is located along the west side of Cheyenne Drive, between West University Parkway and Volunteer Boulevard approximately six miles north of the Jackson Central Business District. Property amenities include a maintenance building, a swimming pool, asphalt-paved parking areas and associated landscaping. The property is 93% occupied and the borrower invested approximately $600,000 in capital expenditures since acquisition in 2011.
Cherry Grove Apartments
Hunt Real Estate Capital invested $19.9 million to refinance Cherry Grove Apartments, a 380-unit multifamily apartment complex. Located on the northwest side of Cheyenne Drive in a mixed commercial and residential area, the property totals approximately 28.53 acres and is comprised of 34 residential buildings and a clubhouse building.
Property amenities include a maintenance building, two pools, a pond, two tennis courts, asphalt-paved parking areas and associated landscaping. Offering 3,195 square feet of rentable space, Cherry Grove Apartments is 94% occupied. The borrower acquired the property in 2011 and has invested an additional $1.7 million in capital expenditures.
“We are very pleased to deliver on the conservative refinance of these two quality properties in Jackson Tennessee. Financing in this market illustrates Freddie’s commitment to providing housing finance to a broad spectrum of renters. Stable investments from the borrower’s viewpoint, these properties have shown continuous bottom-line growth over the last five years,” commented John Beam, Managing Director at Hunt Real Estate Capital.