Hunt Real Estate Capital announced it has closed two Fannie Mae conventional loans totaling $14.2 million for multifamily housing communities in Winchester, Kentucky.
The Fannie Mae loans refinanced existing debt on Meadow Creek and Frontier Crossing Apartments, both of which consist of 112 units in 15 buildings. Frontier Crossing was built in 2018 and Meadow Creek was constructed in two phases, the first in 2009 and the second in 2019.
“The new Fannie Mae financing allowed the borrower to retire short-term bank debt and take advantage of historically low interest rates despite the COVID-19 pandemic,” said Dan Eibler, managing director at Hunt Real Estate Capital.
The properties are owned by Meadow Creek Properties, LLC and Frontier Crossing Apartments, LLC, and are managed locally by Professional Solutions Property Management, Inc.
Both transactions were arranged by Rick Ruehlmann, CEO of C4 Financial, and together feature a blended sub-3.00% rate, 10-year terms, and 30-year amortization periods.
“We were thrilled to work with C4 Financial to provide long-term, non-recourse debt for this local, experienced ownership group,” concluded Eibler.