Hunt Real Estate Capital provided a conventional Freddie Mac multifamily loan in the amount of $14.9 million to refinance a multifamily property in Hayward, California.
Paraiso Apartments is a 63-unit, garden-style apartment complex comprised of four, two-story residential buildings. All of the units are two-bedroom, two-bathroom apartments and the property features 74 open surface parking spots. The property was built in 1962 and has been well maintained by the owner.
The loan features a 10-year fixed rate term and 30-year amortization schedule. Christopher Anderson is the property’s owner and manager.
“Chris has owned Paraiso Apartments for over 15 years and has very solid multifamily experience, having purchased, renovated and managed over 50 properties in the past 20+ years,” commented Colin Cross, Director at Hunt Real Estate Capital. “Over the past 2.5 years Chris has spent over $130,000 on property renovations, and he plans to invest more than $1 million after the refinance to continue to upgrade the property.”
Earlier upgrades include renovated kitchen appliances, kitchen facades, flooring, laundry rooms, HVAC, parking and exterior maintenance. The next phase of renovations includes new kitchen appliances, balconies/sliding doors, parking, and other unit interior upgrades.
Property amenities at this gated community include two laundry rooms, a swimming pool, and a courtyard area with built-in barbeque ranges and seating.
“We were pleased to provide the Freddie Mac financing for this quality owner. It was a very volatile time in the debt markets, however with Freddie holding the interest rate spread during loan processing the borrower could rest easy that his loan execution would close as expected. A great deal all around,” added Cross.
Hayward is located in Alameda County within the San Francisco MSA.