Hunt Real Estate Capital announced today that it has provided a Freddie Mac Green Advantage multifamily loan in the amount of $8.06 million to finance the acquisition of a multifamily property located in Greensboro, North Carolina.
Lakes Edge Apartments was built in 1972 and is situated on a 10.9-acre lot. The garden-style property is comprised of 19 two-story buildings containing 159 apartment homes. The unit mix consists of 92 one-bedroom units and 67 two-bedroom apartments. The property address is 5646 West Market Street.
The financing was structured as a 10-year ARM with four years of interest only and a 30-year amortization schedule. More than $230,000 of loan proceeds will focus on green retrofits to improve water and energy efficiency.
“The borrower is a real estate investment and management firm headquartered in Reston, Virginia,” noted Suzanne Cope, Director at Hunt Real Estate Capital. “They are also repeat Hunt Real Estate Capital and Freddie Mac borrowers and plan to invest approximately $1 million in improvements to the property.”
Lakes Edge Apartments is located in the Market Street corridor of Greensboro with easy access to Route 40 and Route 73. This location provides residents with the ability to live in close proximity to shopping, business, industrial, and government centers. It is also a short drive to any of Greensboro’s six colleges.
“Lakes Edge is uniquely positioned in the Greensboro market and will meet the demand of local residents that desire modern apartments, both in appearance and operations,” added Kevin Deegan, Director at Hunt Real Estate Capital. “The changes to the utility systems will lower residents’ monthly costs and increase the owner’s bottom-line.”
Property amenities include a clubhouse, laundry room, pool, tennis court, and ample parking.