Hunt Real Estate Capital provided three Freddie Mac Small Balance Loans totaling $11.1 million. Hunt provided two cash-out refinances, which provided liquidity for the acquisition of a third property.
The loans have a five-year fixed-rate term, with no interest-only period, amortized over 30-years. All three properties are fully occupied. The properties include Springtree Apartments, Southcrest Apartments and Colonial Village Apartments.
Hunt Real Estate Capital provided a $6.7 million loan to acquire Springtree Apartments, a 103-unit multifamily property located at 4810 127th Street Ct. SW in Lakewood, Washington. The complex is comprised of 13 buildings and the unit mix includes 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bathroom apartments. The sellers recently completed a property renovation. There are 41 surface parking spots at the property, and project amenities include common laundry, a sport court, playground, barbecue/picnic area, and on-site manager.
Located at 5410, 5416, 5420, 5422 Boston Ave SW, Southcrest Apartments is a 36-unit multifamily property located in Lakewood, Washington. Hunt Real Estate Capital provided a loan in the amount of $1.7 million to refinance Southcrest. Built in 1970, the property consists of five, two-story apartment buildings. The unit mix is 35 one-bedroom, one-bathroom units, and one two-bedroom, one-bathroom apartment. There are also 46 surface parking spots at the property. Units have been updated when turned over during the past three years, with the owner investing $119,520 in improvements since acquisition.
Colonial Village Apartments
Hunt Real Estate Capital provided a $2.7 million loan to refinance Colonial Village Apartments. Located at 9220 Pacific Ave S., Colonial Village is a 41-unit multifamily property located in Tacoma, Washington. The property was built in 1961 and the borrowers have maintained the property replacing, repairing and upgrading as needed. They have invested $160,640 in the property since acquisition. The property has 25 one-bedroom, one-bathroom units, and 16 two-bedroom, one-bathroom apartments. There are also 41 surface parking spots on site.
“The borrowers have solid experience in the local rental market with a proven track record for success,” noted Chris Warren, Director at Hunt Real Estate Capital. “They purchased their first multifamily complex in 1988 and have steadily expanded their portfolio since. The borrowers have successfully owned and operated multifamily properties in the greater Seattle area for over 31 years and currently have real estate holdings totaling 318 units, 5 parcels of land, a rental home, and a personal residence. We were pleased to partner with them on this deal.”