Hunt Real Estate Capital provided a Freddie Mac Small Balance Loan in the amount of $6.1 million to refinance a multifamily property located in Irving, Texas.
The Village on West Irving Apartments is a 91-unit, garden-style apartment community that was constructed in 1963 and 1974 and is situated on 4.634 acres of land. The property consists of six, two-story residential buildings and has frontage along West Irving Boulevard.
The borrowers are DavidInvest, LLC, Homebuyers Today LLC, Mike & David Invest, LLC, and HNN Holdings LLC. The borrower acquired the property from Elmstone Group TV, LLC. The facility is a 10-year fixed-rate loan, with 36 months of interest-only and a 30-year amortization schedule.
“This is the first loan ARA closed in a new relationship with Hunt Real Estate Capital and it will help make ARA a one-stop shop for small balance loans which nicely compliments our overall business,” commented Jakob Andersen, Senior Managing Director at ARA, A Newmark Company. “We see this as the first of many small balance loans we will close with Hunt.”
“The borrowers own multiple properties in the Texas and Dallas-Fort Worth area and are a repeat Hunt Real Estate Capital and Freddie Mac customer,” noted Jason Ward, Director at Hunt Real Estate Capital. “We provided the financing for El Ranchito Apartments for them in September of 2017.”
Property amenities include a swimming pool, playground, laundry facility and leasing office.
“We are pleased to form this new relationship with ARA as it will enable both our firms to fully leverage the small balance loan market and close on a wide variety of small deals in various locations,” added Vic Clark, Senior Managing Director at Hunt Real Estate Capital. “Irving, Texas is located within the Dallas MSA in a very strong multifamily rental market. We were pleased to partner with this quality repeat sponsor on another deal.”
Hank Glasgow, Vice President, Debt & Structured Finance at Newmark Knight Frank commended Ward and Hunt Real Estate Capital for their role in sealing this deal, noting, “Jason and the team at Hunt did a terrific job providing all parties involved a smooth and transparent process. They worked tirelessly to secure prospective borrowers the best pricing possible and we really appreciate their effort and overall knowledge of the product.”
The Village on West Irving Apartments is located in the South Irving submarket, south of Highway 182, west of Loop 12 and east of the President George Bush Turnpike (161). The area’s population has grown since the 2010 census, a trend that is projected to continue over the next five years.