Hunt Real Estate Capital announced today it provided a Fannie Mae conventional loan of approximately $5.4 million to refinance a multifamily property located in Kenedy, Texas.
Kenedy Heights Apartments is a 72-unit, garden-style multifamily community that was built in 2015 and is 98% occupied. The property consists of eight two-story apartment buildings, and the unit mix is comprised of 24 one-bedroom units, 40 two-bedroom units, and eight three-bedroom units.
The refinancing was structured as a seven-year floating-rate loan featuring one year of interest only. The Sponsor is Kenedy Heights, LLC. David Aycock of D. Ansley Company, Inc. arranged the financing on behalf of the Sponsor.
“The Sponsors are experienced real estate investors that know this local market inside and out,” commented Colin Cross, Director, Originations at Hunt Real Estate Capital. “We were very pleased to partner with the Sponsors and our friends at D.Ansley to deliver the flexible financing needed to achieve their business plan for years to come.”
“Kenedy is a growing market in need of more quality multifamily housing to support long-term growth,” added Cross. “This property was expertly designed by the Sponsors to appeal to a wide variety of tenants – including school teachers, healthcare professionals, bank employees, energy sector personnel, and other service industry workers.”
Property amenities include a clubhouse with offices, on-site security, sport court, community barbecue grills, on-site laundry facilities, a fitness center, a business center with WiFi, a playground, and a mailbox kiosk.
Kenedy, Texas is in Karnes County, approximately 60 miles southeast of San Antonio and 50 miles west of Victoria.