Hunt Real Estate Capital announced today it has provided $19.7 million in Fannie Mae Green Rewards loans to finance the acquisition of a three-property multifamily portfolio located in Delaware County, Pennsylvania that totals 189 units.
The deal was brought to Hunt Real Estate Capital by George Johnson at Rittenhouse Capital Advisors. The sponsors of the acquisition are James Robertson, Matthew Robertson, and Robert Roskamp.
The properties included in the portfolio consist of:
- Springfield Place Apartments. Hunt Real Estate Capital provided a Fannie Mae Small Loan in the amount of $3.9 million to finance the acquisition of Springfield Place Apartments. Located at 420 East Woodland Avenue in Springfield, Pennsylvania, the property consists of nine two- and three-story garden apartment buildings containing a total of 39 units. The property was built in 1966, and the unit mix consists of all two-bedroom, one-bathroom apartments.
The loan has a 12-year term with 24 months of interest only payments followed by a 30-year amortization schedule. Property amenities include a laundry facility and storage in each building, as well as surface parking for 51 vehicles.
- Media Towers Apartments. Media Towers Apartments is located at 295 East Jefferson Street in Media, Pennsylvania. Hunt Real Estate Capital provided a Fannie Mae Small Loan in the amount of $4.7 million to acquire the property. The loan has a 12-year term with repayment based on 24 months of interest only followed by a 30-year amortization schedule
Media Towers Apartments is a 1973-built six-story, mid-rise apartment building with 47 units. The unit mix consists of six studio apartments; 10 one-bedroom, one-bathroom units; 21 two-bedroom, one-bathroom units; and 10 two-bedroom, two-bathroom apartments. Amenities include a front entry lobby and elevator, as well as surface parking for 61 vehicles.
- Rolling Green Apartments. Hunt Real Estate Capital provided a Fannie Mae DUS® multifamily loan in the amount $11.1 million to secure the acquisition of Rolling Green Apartments. The property is located at 301 North State Road in Springfield, Pennsylvania.
Rolling Green Apartments is a 103-unit, garden-style apartment community that is comprised of 25 two- and three-story buildings. The property was developed in 1965, features 180 parking spaces, and is situated on an 8.06-acre parcel of land. The loan term is 12 years with three years of interest only, followed by a 30-year amortization schedule.
“Both Springfield and Media are located within the Philadelphia MSA in strong, infill locations,” noted Harris Heller, Managing Director at Hunt Real Estate Capital. “Springfield Place and Rolling Green Apartments are located in a desirable inner ring suburb of Philadelphia with good school districts, and are a short distance from a large number of supporting services, such as mass transit and retail. Media Towers is located in Downtown Media, which is walking distance to all the amenities the dynamic borough has to offer.”