Hunt Real Estate Capital announced today that it has provided two Freddie Mac Small Balance Loans totaling $8.2 million to refinance two multifamily communities located in Belle Glade, Florida for the same sponsor.
The borrower is Houston Realty and Investment Company. Both loans were structured as 10+10 Hybrid ARMs, with the first 10 years fixed and the remaining 10 years floating with no interest only, amortizing over 30 years.
“The Borrower has been a seasoned owner/developer in the local market for 20+ years. They were able to re-capitalize with low interest rates, pay off the existing construction loan, and also cash out additional equity,” commented Kristian Molloy, Vice President at Hunt Real Estate Capital.
The properties include:
- Amelia Gardens. Hunt Real Estate Capital provided a $2.84 million loan to refinance Amelia Gardens Apartments, a 2003-built garden-style apartment community that is comprised of 12 buildings with a total of 24 three-bedroom units.
- Amelia Estates. Hunt Real Estate Capital provided a $5.33 million loan to refinance Amelia Estates Apartments, a 2016-built garden-style property comprised of 48 three-bedroom units situated in six buildings.
Belle Glade is in Palm Beach County on the southeastern shore of Lake Okeechobee. The neighborhood is conveniently accessed from major arteries, which provide access to major employment centers and Palm Beach International Airport, as well as other major centers of activity within the metropolitan area.
“There is little new residential development in process or planned for the local area, and based upon the neighborhood’s proximity to West Palm Beach and demographic growth trends, the market should remain stable,” added Molloy.