Hunt Real Estate Capital announced today it provided a Fannie Mae DUS® conventional multifamily loan in the amount of $15.8 million to finance the acquisition of a multifamily property located in St. Mary’s, Georgia.
Park Place Apartments is a 200-unit, garden-style apartment complex located at 11919 Colerain Road. The property consists of 11 two- and three-story apartment buildings that were constructed in 1987. The property is located on a 14.2-acre site.
The loan term is 12 years with five years of interest-only payments followed by a 30-year amortization for the remainder of the loan term.
“The borrowing entity has strong experience in owning and upgrading multifamily properties,” noted Steven Cox, Senior Managing Director at Hunt Real Estate Capital. “Together they currently own 4,760 units across 79 multifamily communities and the value of their portfolio is more than $650 million.”
St. Mary’s is located within Camden County in Georgia and is considered part of the Jacksonville, Florida metropolitan area. Jacksonville is the cultural, commercial, and financial center of North Florida with one of the most diversified industry bases in the state, with opportunities in defense, financial services, and logistics/transportation. A major military and civilian deep-water port, the city’s riverine location supports two United States Navy bases (Naval Air Station Jacksonville and Naval Station Mayport) and the Port of Jacksonville, Florida’s third largest seaport.
“The local market consistently supports demand for multifamily housing and is projected to continue to grow over the next five years,” added Cox.
The unit mix is comprised of 24 one-bedroom units, 144 two-bedroom units, and 32 three-bedroom units. Property amenities include 24-hour emergency maintenance, a fitness center, laundry facility, nature trail, pet park, playground, swimming pool, and picnic and grilling areas. The property also offers residents 350 parking spaces.