Hunt Real Estate Capital provided a Fannie Mae DUS® multifamily loan in the amount of $18.3 million to finance the acquisition of a multifamily property located in Charlotte, North Carolina.
Fields at Archdale is a 243-unit, garden-style apartment complex that is comprised of 26, three-story apartment buildings. Built from 1968-1975, the property is situated on 14.59 acres of land and offers 489 parking spaces.
The sponsor is Geller Associates, a Roseland, New Jersey-based firm. The borrower acquired the property from Elite Street Capital Grand Oaks Equity DE, LP. The new loan has a 12-year term.
“The borrower is a quality seasoned sponsor that is also a repeat Hunt Real Estate Capital borrower,” noted Steve Cox, Managing Director at Hunt Real Estate Capital. “To date, we have financed multiple multifamily apartment communities with the borrower. The properties are located throughout North Carolina, Virginia, Delaware, New Jersey, and Maryland.”
The former owner upgraded 82 units and completed a number of exterior renovations including new roofs, new windows, gutters, and paint. The amenity package has been updated to include a dog park, playground, outdoor kitchen, pavilion, picnic areas, and soccer field. Other property amenities include a centralized laundry facility, on-site management, and 24-hour emergency maintenance.
Fields at Archdale is located within the Charlotte MSA. Charlotte is the home to many Fortune 500 company headquarters such as Lowes, Duke Energy, Family Dollar, and Goodrich Corporation. It is also currently the 23rd most populous MSA in the nation but is forecasted to grow to the 18th by 2025.
“We were pleased to partner with this solid return borrower on this deal,” added Cox.