Hunt Real Estate Capital announced that it provided a Fannie Mae conventional multifamily loan in the amount of $35.6 million to finance the acquisition of a multifamily property located in Jacksonville, Florida.
Integra River Run is a 300-unit, garden-style apartment complex that is comprised of 12, two- and four-story buildings.
The borrower, EBSCO Integra River Run, LLC, will acquire the property from Integra Riverside, LLC. EBSCO Integra River Run, LLC is headquartered in Birmingham, Alabama, and is a wholly-owned subsidiary of EBSCO Income Properties, LLC, which was formed in 2007 to build and maintain an investment portfolio of multifamily assets.
The non-recourse Fannie Mae loan has a 10-year term with five-years of interest only and will amortize over 30 years.
“Integra River Run was built in 2017, is in excellent physical condition with good curb appeal, and offers residents a superior amenity package,” noted Chad Hagwood, Senior Managing Director and Southeast Regional Manager at Hunt Real Estate Capital. “In addition, the property is situated in a growing market that consistently supports demand for multifamily rental housing. It is a great acquisition for EBSCO.”
“It was a pleasure working with Chad Hagwood at Hunt Real Estate Capital,” said Leslie Yeilding, Vice President and General Manager of EBSCO Income Properties. “The transaction was smooth from the original sizing to the closing, and reflects the experience and professionalism of Chad and his team.”
Property amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, a clubhouse, coffee bar featuring Starbucks, gaming room, resort-style outdoor lounge area with a fire pit, outdoor grills, a pool with USB stations, controlled access, a dog park, on-site management and package concierge lockers.
“The Integra River Run acquisition will complement our existing portfolio and provide an additional presence in the Florida market,” said Aaron Amick, Vice President and Asset Manager at EBSCO Income Properties.
Integra at River Run is located in an established area of Jacksonville 10 miles north of the Jacksonville CBD where many employment and entertainment opportunities are concentrated. The property benefits from convenient travel to the city center and is only three miles from Jacksonville International Airport.
“We were pleased to partner with this solid sponsor on this deal to provide local residents quality multifamily housing,” Hagwood added.