Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $6.98 million to refinance a multifamily property located in El Paso, Texas.

“The borrower has owned this community for over 30 years and has maintained the property exceptionally well through focused property management and significant capital expenditures,” noted Steve Beltran, Managing Director at Hunt Real Estate Capital.

The property was financed under Fannie Mae’s Green Rewards program with plans to implement measures that will save over 30% of combined water and energy usage, with at least 15% of those savings in energy.

“As a result of these incentives, we were able to replace their local bank debt with more attractive non-recourse financing consisting of a 12-year fixed-rate Fannie Mae Green Rewards loan with a 30-year amortization schedule,” stated Beltran.