Hunt Real Estate Capital provided a Fannie Mae conventional loan in the amount of $8.48 million to finance the acquisition of a multifamily property located in Baltimore, Maryland.
Located at 6410 Walther Avenue, Fox Crossing Apartments is a 117-unit, garden-style apartment complex situated on a 7.13-acre parcel. The property consists of six, three-story buildings and offers residents 146 surface parking spaces.
The loan term is 15-years with seven-years of interest-only payments followed by a 30-year amortization. Yield maintenance will apply during the first 14.5 years with a 1% prepayment thereafter with the last 90 days open. The sponsor is Geller Associates, a Roseland, New Jersey-based firm.
“Fox Crossing Apartments was built in 1969 and is in good condition,” commented Steven Cox, Managing Director at Hunt Real Estate Capital. “The borrower is a quality, seasoned sponsor that is also a repeat Hunt Real Estate Capital borrower. To date, we have financed multiple multifamily apartment communities with the borrower throughout North Carolina, Virginia, Delaware, New Jersey, and Maryland.”
The property has been well maintained by the owner and there are minimal immediate repairs needed.
“The borrower is financing the property under Fannie Mae’s Green Reward program and will implement energy and water saving measures at the property,” added Cox. “We were pleased to partner with this solid return borrower on this deal.”
Amenities at Fox Crossing Apartments include on-site management, common laundry, and a barbecue/picnic area. The property also offers common area laundry rooms located in each building.