Hunt Real Estate Capital provided a Fannie Mae conventional loan in the amount of $9 million to finance the acquisition of a multifamily property located in Jonesboro, Arkansas.
Stadium Place Apartments is a 200-unit, Class-A multifamily apartment community that was built in 2000. The property is located at 3719 Stadium Boulevard and is composed of ten, three-story garden-style apartment buildings on a site totaling in 10.4 acres. It contains 179,880 square feet of rentable area and offers tenants one, two, and three-bedroom layouts.
Loan terms include a 75%, 12-year Green Rewards loan with four years of interest only payments. As per the terms of the Green Rewards loan, the borrower will implement efficiency upgrades within 12 months of loan closing. With this property, most of the efficiency upgrades will take the form of water savings.
“The borrowing entity on this deal is a vertically integrated real estate firm that develops, owns, and manages a variety of multifamily and commercial real estate properties across the Southeastern United States,” commented Chad Thomas Hagwood, Senior Managing Director and Southeast Regional Manager at Hunt Real Estate Capital. “The leadership team has a strong background with well over 100 years of combined experience in all phases and sectors of commercial real estate.”
Property amenities include: a fitness center, swimming pool, playground, basketball court, grilling stations, and a large open greenspace.
Stadium Place Apartments is located approximately 3.75 miles south/southeast of the heart of Jonesboro and offers convenient access to destinations all over the region. Land uses within the local neighborhood consist primarily of single family and multifamily residential, commercial, special purpose, and vacant land.
“We were pleased to partner with this quality borrower and deliver the loan they needed to add this property to their portfolio,” added Hagwood.
“The closing of this loan met all of our expectations. Chad Hagwood and his team made the loan process as easy as possible. Having closed more than $250,000,000 in multifamily loans with Chad and his team, we will continue to work with Hunt in the future for financing,” said William A. Butler, President and CEO, Engel Realty Company, LLC.