The properties include 1916 SW 11th Street and 200 and 216-218 NW 25th Street.
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.”