Hunt Real Estate Capital announced today it provided a Fannie Mae DUS® conventional multifamily loan in the amount of $53 million to refinance a multifamily property located in Clermont, Florida, a city within the Orlando metropolitan area.
Vista at Lost Lake is a 468-unit, garden-style apartment community located at 2550 Citrus Tower Boulevard. The asset was constructed in two phases, with phase one completed in 2007 and phase two in 2014. The property is located on a 39.3-acre site and offers a variety of one-, two-, and three-bedroom units.
“The property, which is relatively new, is in excellent condition because the borrower has already made several major capital improvements over the past three years,” noted James Kelly, Director at Hunt Real Estate Capital. “A brand new clubhouse, fitness center, and leasing office were just completed, and the borrower plans to make several more upgrades as the property is located in an area with strong demand and growth.”
The five-year loan is full-term interest only and the last two years allow for a prepayment fee of only 1%.
“As part of the terms of the new loan, the borrower will escrow approximately $1.3 million for exterior upgrades and painting,” Kelly stated.
Property amenities include two pools, a leasing office/clubhouse, maintenance shop, and a central mailbox center. The leasing office/clubhouse contains a community room, kitchen, fitness center, guest center, game room, and interior basketball court.
Clermont, Florida is located roughly 22 miles west of Orlando. The area has experienced rapid population growth, expanding from 9,333 individuals in 2000 to an estimated 36,690 in 2018, according to the U.S. Census Bureau.