The Reserves at 700 was built in 2017 and is comprised of 180 residential units in three-story garden-style apartment buildings. The property contains 177,990 square feet of net rentable area and offers one- and two-bedroom units with five different unit layouts.
The borrowers are Robert Blau and Adam Jacobson. The loan has a five-year term, amortizing over 30 years, with a 36-month yield maintenance period, followed by 21 months of 1% prepay and 90 days of open prepay.
“The borrowers are new Hunt Real Estate Capital clients, but they are experienced agency borrowers with more than 20 years of industry expertise, with four previous transactions with Fannie Mae and three with Freddie Mac,” noted Vic Clark, Senior Managing Director at Hunt Real Estate Capital.
While Big Spring, Texas is a small market, there is a diverse employment base with a large VA Hospital, Big Spring Independent School District and Big Spring State Hospital providing housing demand, in addition to the numerous oil and gas companies in the area. The Reserves at 700 is located in the Midland-Odessa MSA, 40 miles northeast of Midland, Texas.
“The property is located in an area where property fundamentals and economic conditions continue to improve,” added Xavier Salinas, Assistant Vice President at Hunt Real Estate Capital. “The Odessa-Midland metro area is expected to have a positive impact on the property’s performance in the near-term. We are pleased to play a role in this deal for a highly qualified and new Hunt Real Estate Capital client.”
“We would also like to thank Hank Glasgow of Newmark Knight Frank for helping to make sure the transaction closed smoothly,” concluded Clark.
Project amenities include a resort-style swimming pool, poolside cabanas, clubhouse with billiards table, outdoor lounge area with TV and seating, fire pit, fitness center, business center, conference room, playground, barbecue grills, laundry facility, and access gates.