Hunt Real Estate Capital, a leader in financing multifamily and commercial real estate throughout the United States, announced today it provided a Fannie Mae DUS® conventional multifamily loan in the amount of $13.1 million to finance the acquisition of a multifamily property located in Lexington, Kentucky.
Saddlebrook at Tates Creek is a 181-unit, garden-style apartment complex that was built in 1978 and has been well maintained by the owner. The property is comprised of 17, two-story apartment buildings, all containing one- and two-bedroom units. Community amenities include a swimming pool, sun deck, access to a nature trail, 24-hour fitness center, a three-acre fishing lake, and covered parking.
The borrower is an affiliate of Birmingham-based ENGEL Realty Company, a vertically integrated real estate firm that develops, owns, and manages commercial real estate across the Southeastern United States.
“The leadership team at ENGEL has enormous experience in all phases of commercial real estate,” commented Chad Thomas Hagwood, Senior Managing Director and Southeast Regional Manager at Hunt Real Estate Capital. “The team is a highly experienced group of owner-operators with a solid track record for maintaining and managing multifamily properties.”
The former owner recently completed capital improvements over the past year that included the renovation of 14 units, HVAC replacements, concrete replacement, fencing replacement, patio wood repairs, and roof replacements.
“The borrower plans to invest in additional capital improvements to continue renovating units as they turn over,” added Hagwood. “We were pleased to once again partner with this solid sponsor. This asset will serve the residents and the community very well for years to come.”
Saddlebrook at Tates Creek is located four miles south of the Lexington Central Business District, where employment and entertainment opportunities are concentrated. The property is also located three miles south of Albert B. Chandler Hospital, a major employer within Lexington. The property is also located in close proximity to the University of Kentucky and Bluegrass Community & Technical College. Convenient access to these locations is provided by Tates Creek Road, which is immediately adjacent to the property.