Hunt Real Estate Capital announced today that it has provided a Fannie Mae DUS® conventional multifamily loan in the amount of $12.8 million to finance the acquisition of a multifamily property located in Macon, Georgia.
Estates at Barrington is a 176-unit, garden-style apartment community with a total of 192,000 rentable square feet. The property offers one-, two-, and three-bedroom units in a quiet community setting.
The loan term is 15 years with seven years of interest-only payments followed by a 30-year amortization for the remainder of the loan term.
“Estates at Barrington was built in 1995. It has been well maintained and there are minimal repairs needed, as the former owner implemented a number of interior and exterior improvements over recent years,” commented Steven Cox, Senior Managing Director at Hunt Real Estate Capital. “The borrowers are repeat Hunt Real Estate Capital clients, as we recently financed the acquisition of Park Place Apartments in St. Mary’s, Georgia.”
Property amenities include a covered car care center, dog park/play area, tennis court, fitness center, and a sand volleyball court.
“We are pleased to partner with this quality investor to help them secure another local asset, and we look forward to continuing this relationship to provide quality housing options for residents in Georgia,” added Cox.
The property is located in the Macon-Bibb MSA, which is approximately 80 miles southeast of Atlanta. The MSA’s cultural and educational offerings contribute to its popularity as a place to live and work. Macon is also home to a diverse range of local, state, and multi-national public and private companies.