Hunt Real Estate Capital announced that it provided a Fannie Mae DUS® loan in the amount of $11.2 million to finance the acquisition of a multifamily property located in Phoenix, Arizona. The loan term is 10 years with five years of interest-only payments and a 30-year amortization.
Zen on 50th is a newly constructed, garden-style apartment community with 55 townhouse units. The property consists of nine, two-story residential buildings and a clubhouse/fitness center located behind an access gate on 3.5 acres of land. The property also features 110 garage parking spaces and 34 open surface spots.
“Zen on 50th was built in 2018, is in excellent condition, and the surrounding community is up and coming with new properties being built and renovations being made on older properties,” noted John Hurley, Vice President at Hunt Real Estate Capital. “The property features beautiful two- and three-bedroom options, and the gated community and excellent amenity package is very attractive to renters.”
The unit mix consists of 39 two-bedroom, two-and-a-half-bathroom units and 16 three-bedroom, three-bathroom apartments. Each unit has an attached double car garage and oversized patios. Property amenities include a resort-style pool, barbecue, dog park and zen garden, all within the controlled access gate.
Upon acquisition, title to the property will vest in Palm Grove Acquisitions LLC and MAM Management – Grove LLC, as tenants in common. The investors behind the borrowers are experienced multifamily operators with a terrific record of successful multifamily ownership.
“We were pleased to partner with the highly qualified investor on such a nice property to offer residents of Phoenix Class A+ multifamily housing,” added Hurley.
The loan was brought to Hunt Real Estate Capital by John Fynmore of Sunrise Mortgage & Investment Company.