Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $10.5 million to refinance a multifamily property located in Homestead, Florida.
Homestead Gardens I & II is a 148-unit, garden-style apartment community that consists of two locations, 15451 SW 288th Street near Leisure City, and 527 S. Flagler near the city center. Homestead Gardens I is a two-story property with six buildings and 103 units, while Homestead Gardens II is a two-story property with five buildings and 45 units. The two locations share one leasing office.
The loan features a 10-year term with a 30-year amortization period and 114 months of yield maintenance. The borrower is Sunny Collins LLC, a Florida Limited Liability Company, backed by key principal Brandon Shpirt.
“The borrower purchased Homestead Gardens in 2016, and at the time the property had a high vacancy and deferred maintenance,” noted Bryan Cullen, Managing Director at Hunt Real Estate Capital. “Since acquisition, the borrower invested more than $565,000 in capital expenditures over the last two years and has substantially renovated 30% of the property. The rest of the units will be renovated upon turnover.”
The loan was brokered by Jose Guillen of Absolut Financial. “We worked with Hunt and the borrower to ensure the Green Rewards repairs were acceptable to the client and also fit the needs of the lender,” said Jose Guillen, President of Absolut Financial. “By qualifying for the Green Rewards pricing, the borrower was able to secure preferred pricing, so everyone was committed to making it work.”
“The green measures implemented will save over 30% of combined water and energy usage at the property” added Cullen. “Although this is the borrower’s only large multifamily investment, he intends on investing in additional local assets with the help of the proceeds provided by this financing.”
In addition to energy upgrades, the borrower will also be improving fencing, adding security cameras, replacing roofs, and generally improving the appearance and functionality of the assets.
The Central Business District of Miami is about 22 miles northeast of the subject, and Miami International Airport is located approximately 30 miles north.