Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $9.4 million to refinance a student housing property located in Coral Gables, Florida. The loan term is 10 years with five years of interest-only payments.
Orduna Court is a 24-unit student housing apartment community located three blocks east of the University of Miami at 800 South Dixie Highway. “The property was built in 1982 as condominiums, but was acquired in 2017 by the borrower, who subsequently renovated the property at a cost of $2.1 million and changed its use from condominiums to student housing,” said James Kelly, Director at Hunt Real Estate Capital.
Improvements completed include updating interiors with quartz countertops, stainless steel appliances, wood-style tile floors, and a high-tech security system. The building was also upgraded with hurricane windows and doors, new landscaping, a new irrigation system, a new access gate, and new tiling in hallways, balconies, and surrounding the pool.
“The injected capital allowed the borrower to upgrade the building to fit the needs of today’s student housing rentals and, as a result, the property was already 91.7% pre-leased at closing for the 2019-2020 school year,” said Kelly.
“The property is located in a growing market that consistently supports demand for multifamily and student housing. We were pleased to work with the Aztec Group, who brokered the transaction, to provide the financing to secure this quality asset for a local investor that’s working on several projects in the greater Miami area,” added Kelly.
Jason Shapiro, Managing Director with Aztec Group, Inc. noted, “The collaboration with Hunt Real Estate Capital to structure this deal was smooth and efficient. Our teams have a good rapport, and we were pleased to work together to secure excellent financing terms for our client.”
Property amenities include a pool, sundeck, controlled entry, and covered parking.