Hunt Real Estate Capital announced today that it has provided two Freddie Mac conventional loans totaling $18.3 million to refinance two multifamily properties located in Michigan for the same sponsor.
The borrower is ROCO Real Estate, LLC, a Michigan limited liability company. Both loans have a 10-year term with a 30-year amortization period.
“The borrower is a repeat Hunt Real Estate Capital and Freddie Mac client that is well versed in a range of commercial real estate and multifamily investing,” said Josh Messier, Managing Director at Hunt Real Estate Capital. “Both properties are performing well and are located in close proximity to both employment centers and major roadways. Hunt Real Estate Capital was pleased to work with ROCO, a longtime partner, to finance these properties, and we look forward to continuing our relationship as ROCO continues to strategically grow their portfolio.”
The properties include:
- Waverly Place. Hunt Real Estate Capital provided a $9.3 million conventional Freddie Mac Multifamily loan to refinance Waverly Place Apartments, a 228-unit community located at 1412 Bunbury Road in Kalamazoo, Michigan. The property is comprised of 16 two-story apartment buildings and a leasing office/clubhouse. In addition, the property has a swimming pool, carports, and surface parking. Waverly Place is located 2.3 miles west of downtown Kalamazoo and one mile west of the main Western Michigan University campus.
- Bancroft Luxury. Hunt Real Estate Capital provided a $9 million conventional Freddie Mac Multifamily loan to refinance Bancroft Luxury Apartments. Located at 107 S. Washington Avenue & 102 N. Washington Avenue in Saginaw, Michigan, Bancroft Luxury is a renovated historical property with 152-units situated in two six-story apartment buildings. In addition to the residential units, the property has six commercial spaces on the ground floor, one of which is occupied by a bank. Property amenities include a spacious lobby, second floor conference center, fitness center, ballroom, and outdoor fire pit. Saginaw is located 105 miles northwest of Detroit in the central portion of Michigan’s Lower Peninsula, and has a strong position as a retail and tourist destination.
“Our longstanding relationship with Josh and Hunt Real Estate Capital, coupled with their familiarity with the assets, provided us a great deal of confidence and certainty of execution when we decided to move forward with these refinances,” stated Kevin Roach, Director of Debt Financing at ROCO. “I particularly enjoyed using their new leaponline™ processing system, which greatly reduced paperwork and redundancies. We look forward to future transactions with Josh and his team.”