Hunt Real Estate Capital announced today it provided two Freddie Mac Small Balance Loans to finance two multifamily properties located in South Florida. The total financing is $4.5 million.
The properties include:
- 1916 SW 11th Street. Hunt Real Estate Capital provided a $2.5 million loan to finance the acquisition of 1916 SW 11th Street, a 24-unit, garden-style apartment property that was built in 1967 and is located in Fort Lauderdale, Florida.
The property offers 16 one-bedroom/one-bathroom units, four two-bedroom/one-bathroom apartments, and four two-bedroom/two-bathroom units. Property amenities include a common laundry room and 23 open parking spaces. The subject is currently 100% occupied.
The seller invested approximately $300,000 in capital expenditures from 2013-2015 to renovate the asset. Improvements include remodeling units with new bathrooms, upgraded plumbing, upgraded granite kitchen countertops, exterior and interior painting, central AC installment, and roof replacement.
- 200 and 216-218 NW 25th Street. Hunt Real Estate Capital provided a $2 million loan to refinance 200 and 216-218 NW 25th Street, a 12-unit, garden-style apartment community that was built in 1974-1975 and is located in Wilton Manors, Florida. The borrower purchased the property in August 2016 and has invested $631,300 in capital improvements that include a wide variety of both interior and exterior upgrades.
The property offers two studio units and 10 two-bedroom apartments. The property also contains 24 parking spaces and is currently 100% occupied.
“The borrower is a seasoned commercial real estate investor and repeat Hunt Real Estate Capital client,” noted Chad Musgrove, Vice President at Hunt Real Estate Capital. “Their overall portfolio includes five four-plex rental properties and they have a proven track record for success. We were pleased to provide these loans to a quality sponsor meeting the demand for quality affordable housing.”