Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $31.96 million to finance the acquisition of a multifamily property located in Lake Worth, Florida.
The 214-unit property located at 7132 Colony Club Drive is 95% occupied and is in good condition.
“Savona Grand is a beautiful, high-quality property located in a solid multifamily market that has good occupancy and strong growth opportunities,” commented James Kelly, Director at Hunt Real Estate Capital.
The seller completed $2.49 million in capital improvements since acquisition, including new appliances, cabinets, quartz countertops, plank flooring, and in-unit light fixtures, as well as landscaping improvements, common area upgrades, and asphalt repairs.
“Despite the fact that this property was built in 2003 and was recently renovated, we were able to offer solutions to improve energy and water efficiency that meet the standards of Fannie Mae’s Green Rewards program,” stated Kelly. In addition to the $162,000 that will be spent for energy and water efficiency, management is planning to spend an additional $1.4 million to implement a variety of upgrades.
“The loan was full-term interest only with a fixed rate for 7 years, and we were able to give prepayment flexibility with the last two years of the loan term at 1% prepayment,” added Kelly.
Property amenities include a community pool, heated spa, two tennis courts, a half-basketball court, children’s playground, gated entry, and a combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen, meeting rooms, central lounge, and a fitness center with locker rooms and saunas.