Hunt Real Estate Capital announced today it provided a Freddie Mac conventional multifamily loan in the amount of $37.875 million to refinance a multifamily property located in Navarre, Florida.
The Sound at Navarre Beach is a newly built, 250-unit, garden-style multifamily property that contains 221,820 square feet of living area spread across four buildings. The new loan has a 12-year term with six years of interest only and a 30-year amortization schedule.
The borrower is an affiliate of Talos Holdings, LLC, with offices in Scottsdale, Dallas, and Atlanta.
“The borrower has more than 30 years of experience as a multifamily owner/operator, and I have worked with him personally on several agency loans over the years,” commented Chad Hagwood, Senior Managing Director at Hunt Real Estate Capital. “He has overseen the development, renovation, and acquisition of over 5,000 multifamily units, along with 2.5 million square feet of retail space.”
The property was developed in 2017 and was 93% occupied less than 11 months later. Current occupancy is at 97%.
“It’s been a great pleasure working with Hunt,” stated John K. McWilliams, Jr., Chairman and President of Talos Holdings, LLC. “Their team is professional and worked quickly to provide streamlined and on-time financing, two things that are important to borrowers such as ourselves.”
“Hunt Real Estate Capital is very pleased to provide financing for this community located in ‘Florida’s best kept secret,’ Navarre Beach. The owner has done a tremendous job with this development and property operations,” Hagwood added. “Through our partnership with Freddie Mac, we secured very solid loan terms and closed the deal on time, and as advertised.”
The Sound at Navarre Beach is located within the Pensacola MSA. It is ideally positioned at the epicenter of the Florida Panhandle along US Highway 98 between Pensacola and Fort Walton Beach. The property offers residents easy access to the area’s largest employers, best schools, and most sought after tourist attractions.
The Sound at Navarre Beach is located in an area with major street exposure, with Navarre Parkway/State Route 30/US Route 98 running right in front of the property. Common area amenities include a premier fitness center, a business communications lounge, a clubhouse, outdoor swimming pool, and covered parking for residents.