Hunt Real Estate Capital announced today it provided a Fannie Mae DUS® conventional loan in the amount of $5.25 million to refinance a multifamily property located in Provo, Utah.
Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprised of three, three-story apartment buildings. The property was developed in 2015 and has 42,988 square feet of rentable space. Situated on a 2-acre parcel of land, Lakeview Court offers 88 parking spaces and is currently 97% occupied.
The borrower is Geneva Road 44, LLC. The loan is a standard delivery facility with a 12-year term, amortization based on a 30-year schedule, and 24 months of interest only. Yield maintenance will apply during the first 138 months.
“The borrower is an experienced multifamily investor and developer with extensive knowledge of the local Provo area,” noted Ted Nasca, Managing Director at Hunt Real Estate Capital. “The property is in excellent condition and has historically had strong occupancy.”
The Provo-Orem Metropolitan Statistical Area is in central Utah, within the Wasatch Front. The MSA is comprised of the counties of Juab and Utah, and is anchored by the cities of Provo and Orem. Highways serving the MSA include Interstate 15, U.S. Routes 6, 89 and 189, and State Routes 68 and 77.
Utah is a national leader in high job growth, low unemployment, low cost of doing business, and talented labor. Utah regularly tops rankings among best states for business, careers, living, health, and quality of life.