Hunt Real Estate Capital announced today it provided a Freddie Mac Small Balance Loan in the amount of $7.5 million to refinance a multifamily property located in Los Angeles, California.
The Ashby Apartments is a 49-unit, mid-rise apartment complex comprised of one, five-story building on a 0.40 acre parcel of land. Property amenities include 26 surface parking spaces, 12 carports, a laundry room and recreation room.
The borrower is Concord Capital Partners and the key principals are Avy Azeroual and Reuben Robin. The loan is a seven-year, fixed-rate facility with 30 years of amortization and a step-down prepayment penalty.
“The Ashby was built in 1930 and was acquired by the borrower in 2015,” noted Ted Nasca, Managing Director at Hunt Real Estate Capital. “The borrower implemented a renovation on the property from 2016 to 2018, and it is now 100% physically occupied.”
The total renovation investment was just over $788,000. Renovations undertaken included roofing, exterior painting, interior common areas, flooring, interior painting, appliances, cabinets and new bathrooms.
The property is located in the Koreantown sub market of Los Angeles, and it is currently 100% occupied.
“The property is located in a growing market that consistently supports demand for multifamily housing,” added Nasca. “Together, the borrowers have over 30 years of combined multifamily experience. We were pleased to partner with this quality borrower on such a well-located apartment facility.”
The Ashby contains both studios and one-bedroom apartments. There is also a common area below that offers residents a shared kitchen, bathroom, pool table and couches with a television.