Hunt Real Estate Capital announced today that it has provided a Freddie Mac Conventional Lease-Up Multifamily loan in the amount of $38.2 million to finance the acquisition of a multifamily property located in Winston-Salem, North Carolina.
West End Station Apartments is a 229-unit, mid-rise apartment community located on a 4.3-acre parcel. The property was completed in 2019 and includes a four-story mid-rise building. There are nine different one-bedroom options and three two-bedroom plans. The property also offers residents 286 parking spaces, including 114 ground-level parking garage spaces that are available for lease.
The borrower, EBSCO West End, LLC, a wholly owned subsidiary of EBSCO Income Properties, LLC, acquired the property from a joint venture between The Carlyle Group and Chaucer Creek Capital. The loan was funded through Freddie Mac as part of a pre-stabilization program for new construction properties in lease-up. The property is targeted to reach stabilization in early 2020.
The borrower is a firm with ownership interest in 19 multifamily properties totaling 5,190 units valued at over $425 million. The loan has a 13-year term that will amortize over 30 years and is interest only for the first six years.
“West End Station offers Class A community amenities and unit interior finishes with walkability to all of downtown’s employment, nightlife and retail offerings, while also being conveniently removed from the congestion and traffic of other competitors further east,” stated Chad Hagwood, Senior Managing Director at Hunt Real Estate Capital.
West End Station Apartments offers residents a superior amenity package, including a resident gathering space with demonstration kitchen, controlled access parking deck with electric car charging, elevated courtyards with fire pit, secured interior bike storage, leash free dog park, pet spa, salt water pool, a smoke free environment, valet trash service, 24-hour package concierge, elevators, and a yoga/spin room.
“Congratulations to our client for acquiring this gorgeous asset in North Carolina through Freddie’s Lease-Up program,” added Hagwood. “Although this deal had numerous moving parts – including a tax abatement – everyone worked hand in hand to bring it to a successful close. Teamwork makes the dream work!”
The property is located one mile west of the Winston-Salem Central Business District. West End Station also provides convenient accessibility to the triad’s top employer (Wake Forest Baptist Medical Center) and much of Winston-Salem’s top retail.