Hunt Real Estate Capital announced today it provided a Freddie Mac Small Balance Loan in the amount of $5.86 million to refinance a multifamily property located in Aurora, Colorado.
Fitz Apartments is a 46-unit multifamily property located at 1747-1777 Peoria Street. The property was built in 1961 and consists of two four-story buildings containing 14 one-bedroom units and 32 two-bedroom units. Fitz Apartments is situated on 0.89 acres of land and is 93.5% occupied.
The borrower is IH Holdings Fourteen LLC, a Colorado limited liability company. The proposed transaction is structured as a 10/1 Hybrid ARM with four years of interest only, a fixed rate for the first 10 years, followed by a floating rate for the remaining 10 years, all amortized over a 30-year schedule.
“The borrowers are seasoned local real estate owners and operators and are repeat Freddie Mac and Hunt Real Estate Capital clients,” commented Kevin Chadwick, Managing Director at Hunt Real Estate Capital. “They have owned and managed real estate properties throughout Denver since 1994 and have focused intensely on multifamily since 2016.”
The borrowers currently own and manage 12 multifamily properties totaling 225 units in the greater Denver MSA. The borrowers purchased the property in 2018 and have spent $216,000 on capital improvements since acquisition.
“Denver is a top Freddie Mac market, and the property is located in a highly desirable area that consistently supports demand for multifamily housing,” Chadwick added.
Property amenities include a laundry room, exercise equipment, and a barbecue area with picnic tables.