Hunt Real Estate Capital provided two Freddie Mac Small Balance Loans totaling $4 million to refinance two multifamily properties located in El Paso, Texas.
The borrower is a single asset borrowing entity, Pomajest and Pomajest 2, LLC, a Texas limited liability company that is backed by Vicente Rodarte. The Freddie Mac Small Balance Loans are structured as 10-year fixed rate loans with 30-year amortization schedules. Both properties were acquired by the borrower in 2010.
“The borrower is a new Hunt Real Estate Capital and Freddie Mac customer, but he has been involved in the investment and management of real estate properties since 1998, and has eight years of experience with multifamily properties,” noted Steve Beltran, Managing Director of Hunt Real Estate Capital. “Mr. Rodarte and his sons, Vicente Jr., Matthew, Jeffery, and Steven currently own a total of 204 multifamily units and four single-family units, all of which are located within El Paso. Both refinanced properties are successfully self-managed by Mr. Rodarte and his sons.”
The properties include:
- Pebble Hills Apartments. Hunt Real Estate Capital provided a $2.8 million loan to refinance Pebble Hills Apartments, a multifamily property with 104 residential units. Located at 10865 Edgemere Blvd., the community was built in 1978, and is situated on a 4.88-acre site.The property has a unit mix of 32 one-bedroom, one-bathroom apartments and 72 two-bedroom, two-bathroom units. Pebble Hills Apartments is 98% occupied and property amenities include a swimming pool, playground, clubhouse, and common laundry.
- The Veranda Apartments. Hunt Real Estate Capital provided a loan in the amount of $1.2 million to refinance The Veranda Apartments, a 64-unit residential complex located at 9800 Montana Ave. The property was built in 1969, is situated on a 2.56-acre site, and is 97% occupied.The Veranda Apartments has a unit mix of 32 one-bedroom, one-bathroom apartments and 32 two-bedroom, two-bathroom units. Property amenities include a swimming pool and common laundry.
“Both of these properties are located within close proximity of one another and have been operated well by the sponsors,” added Beltran. “We were happy that we could provide a competitive loan facility to refinance them for a quality first-time Hunt Real Estate Capital borrower.”