Hunt Real Estate Capital provided a Fannie Mae conventional loan in the amount of $30 million to refinance a multifamily property located in Baton Rouge, Louisiana.
River House Apartments is a 224-unit, Class-A multifamily property located at 1480 Nicholson Drive in the East Baton Rouge Parish. The property is comprised of 168 one-bedroom units and 56 two-bedroom units, housed in two, four-story mid-rise structures.
The loan features a 10-year term amortized over 30-years with two-years of interest only payments.
“River House Apartments was built in 2017, began lease-up in August of that year, and was 95% occupied by October 2018,” noted Marc Suarez, Director at Hunt Real Estate Capital. “Proceeds from the loan will be utilized to pay off the existing construction loan and mezzanine facility.”
“The borrowers on this deal are seasoned commercial real estate and multifamily investors who have acquired over 3.5 million square feet located in 18 states nationwide, have developed over one million square feet of new projects, and have managed over six million square feet across 23 states,” added Suarez. “We were pleased to provide the loan needed to refinance this quality property offering luxury housing to local residents.”
The deal was brought to Hunt Real Estate Capital by David Eyzenberg and Anastasia Vladislavova of Eyzenberg and Company.
Property amenities include a courtyard with a pool and grill, a fitness center, and gated access. In addition, each unit has hardwood floors, a washer and dryer, and stainless steel appliances.
The Baton Rouge economy is experiencing a stable, gradual recovery and core area employment has historically been tied to the petrochemical industries. Increasing economic diversification and recovery of oil prices and production have contributed to recent economic improvements.