Hunt Real Estate Capital announced today it provided a Fannie Mae DUS® conventional multifamily loan in the amount of $11.85 million to refinance a multifamily property located in Albany, Oregon.
Albany Meadows Apartments is a 127-unit, garden-style apartment community that is comprised of 39 one-story apartment buildings. The property was developed in 1974 with 121,352 square feet of rentable space and is situated on a 10.5-acre parcel of land. Occupancy currently stands at 96%.
The loan features a 12-year term with four years of interest only followed by a 30-year amortization schedule. Yield maintenance will apply during the first 138 months. The borrower is KRBO Oregon Properties LLC, backed by key principal Paul A. Kerley. Mr. Kerley is a repeat Hunt Real Estate Capital client, with past closings in both conventional and small loan programs.
“The borrower has been renovating the interiors of units as turnover occurs. To date, approximately half of the units have been upgraded,” commented Bryan Cullen, Managing Director at Hunt Real Estate Capital.
“Bryan and Hunt are our preferred source for debt as we can operate quickly and execute reliably,” stated Brad Willson, the broker for all of Mr. Kerley’s transactions.
Property amenities include a clubhouse building with fitness center and swimming pool. In addition, the property offers 190 parking spaces.
Albany Meadows is located approximately 70 miles south of Portland, Oregon. The immediate area, although sparsely developed, has a strong rural character and is currently in a growth stage.