Hunt Real Estate Capital announced today it provided a Fannie Mae loan in the amount of $15.75 million to refinance a multifamily property located in Evansville, Indiana.
Sugar Mill Creek Townhomes is a 487-unit garden/townhouse-style apartment community. The property was built in two phases. Phase I was completed in 1986 and consists of 276 units. Phase II, completed in 1987, added another 211 units to the site. The property now features 31 two-story buildings on 32.48 acres.
The loan has a 12-year fixed-rate term amortizing over 30 years, and includes a two-year interest only period. Hunt’s deal team consisted of Senior Managing Director, Steven Cox, and Director, Ian Monk. The borrower is Interprop Fund III, L.P.
“The borrowers have been actively involved in the local real estate industry since the formation of both InterProp Management, Inc. and the family’s construction company in 1984,” noted Steven Cox, Senior Managing Director at Hunt Real Estate Capital.
Evansville is located in the southwestern tip of Indiana and has grown to become the state’s third largest city. Sugar Mill Creek Townhomes sits in the middle of four major cities almost equal distance in every direction. The property is 112 miles west of Louisville, Kentucky, 175 miles east of St. Louis, Missouri, 162 miles southwest of Indianapolis, Indiana, and 156 miles north of Nashville, Tennessee.
“We were pleased to partner with this repeat client to refinance this well-located, quality multifamily asset,” added Cox.
Community amenities include a clubhouse, saunas, tanning beds, gym, basketball courts, tennis courts, an outdoor pool, and covered parking.