Hunt Real Estate Capital provided three conventional multifamily loans in the amount of $22.9 million to finance the acquisition of three multifamily properties located in Newport News, Virginia for the same sponsor.
All three loans are Fannie Mae DUS® Green Rewards loans structured with 15- year terms with eight years of interest-only payments followed by a 30-year amortization. The sponsor is Geller Associates, a Roseland, New Jersey-based firm. The properties include Waypoint at Hindenwood, Waypoint at Uptown and Waypoint at Oyster Point.
Waypoint at Hindenwood
Hunt Real Estate Capital provided a $9.3 million loan to finance the acquisition of Waypoint at Hindenwood, a 104-unit, garden-style apartment community located at 84 Tall Pines Way. The property, built in 1983, is situated on one parcel totaling 6.09 acres consisting of 15, one- and two-story buildings. The property also offers 155 surface parking spaces. Common amenities include a swimming pool, picnic area, grill area, business center, and playground.
Waypoint at Uptown
Located at 870 Lucas Creek Road, Waypoint at Uptown is a 140-unit, garden-style apartment community that consists of 11, two- and three-story buildings. The property, built in 1971, is situated on one parcel totaling 6.57 acres. Waypoint at Uptown also has 262 surface parking spaces, as well as a grill and picnic area, pool, playground, and onsite laundry facilities. Hunt Real Estate Capital provided a $7.2 million loan to enable this acquisition.
Waypoint at Oyster Point
Hunt Real Estate Capital provided a $6.5 million loan to finance the acquisition of Waypoint at Oyster Point. The property consists of 16, two-story buildings, containing 100 units. The property, located at 1D Guenevere Court, was built in 1969 and is situated on one parcel totaling 4.64 acres. The property has 150 surface parking spaces. Other amenities include a grill, picnic area, common area laundry, playground, dog park, and outdoor swimming pool.
“The borrower is a quality seasoned sponsor who is also a repeat Hunt Real Estate Capital borrower,” noted Steve Cox, Senior Managing Director at Hunt Real Estate Capital. “To date, we have financed a number of properties for them throughout North Carolina, Virginia, Delaware, New Jersey, and Maryland. We were pleased to partner with them again on this solid portfolio deal.”
All three properties are located within the Virginia Beach-Norfolk-Newport News, VA-NC MSA. The MSA is comprised of six counties and nine cities in Virginia, and one county in North Carolina. A totally integrated transportation network of interstate highways, air, rail, and sea services provide excellent access between the communities of this MSA and outside markets. The Virginia Beach-Norfolk-Newport News, VA-NC MSA is 200 miles south of Washington, D.C. and 100 miles southeast of Richmond, the state capital of Virginia.