Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two Freddie Mac loan facilities to refinance two multifamily properties in the Carolinas for the same sponsor. The total Hunt Real Estate Capital loan was $51.5 million.
The borrower is major national real estate fund and a repeat client of the Atlanta production team of Hunt Real Estate Capital. The loans are seven-year Freddie Mac adjustable rate mortgage loans. The properties include:
· Highlands at Alexander Pointe. Hunt Real Estate Capital provided a $31.9 million loan to refinance Highlands at Alexander Pointe, a multifamily property located in Charlotte, North Carolina. The property is comprised of 309 apartments housed in 28, two- and three-story apartment buildings. The property was built in 2002 and the amenities offered include a fitness center, clubhouse, grill area, pool, laundry center, and dog park.
Highlands at Alexander Pointe is located in the University City area of Charlotte. University City has the second largest concentration of retail and office space outside of the Charlotte central business district, as well as two of the biggest employment centers: the Carolinas Medical Center-University and UNC Charlotte.
· Carrington Place at Wildewood. Hunt Real Estate Capital provided a $19.6 million loan to refinance Carrington Place at Wildewood, a multifamily property located in Columbia, South Carolina. The property is comprised of 240 apartments housed in 15, two-story buildings, a maintenance shop, pool building, mailbox kiosk building, and a two-story clubhouse/leasing office building.
Built in 2005, on-site amenities include a fitness center, clubhouse, grill area, pool, laundry center, playground, and dog park. Columbia is in Richland County, and the property is well located near quality retail, as well as a number of single family homes, commercial properties, schools and other multifamily properties.
“Both properties are in excellent condition with superior amenity packages and are more than 94% occupied,” noted John Beam, Managing Director at Hunt Real Estate Capital. “The borrower is a seasoned commercial real estate and multifamily investor. We were pleased to deliver quickly on this loan for a quality sponsor to maximize proceeds and deliver an extremely competitive interest rate.”