The loan term with both deals is 10-years. Yield maintenance will apply during the first 9.5 years with a 1% prepayment fee thereafter, with no fee due for the last 90 days.
The properties include Fay Street Apartments and Fort Colliers Apartments.
Fay Street Apartments
Hunt Real Estate Capital provided a $4.6 million loan to refinance Fay Street Apartments, a 78–unit apartment community that is comprised of nine, two-story residential buildings. The property was developed in 1956, 1966, 1971, and 1980 and is situated on 2.77 acres of land. The two- and three‐bedroom units are all two‐level townhouse units. The property offers 130 parking spaces and currently has only one vacant unit.
Fort Colliers Apartments
Hunt Real Estate Capital provided a $4.2 million loan to refinance Fort Colliers Apartments, a 72–unit apartment community that consists of two- and three-story garden-style buildings that were built in 1986, 1988, and 1989. The property offers a unit mix of one-, two- and three‐bedroom units. The two- and three‐bedroom units are all two‐level townhouse units. Fort Colliers has only two vacant units. Property amenities include off‐street parking and a laundry facility.
“Both properties are self-managed by the borrower, an experienced local investor in the rental market with a proven track record for success,” noted Chad Musgrove, Vice President at Hunt Real Estate Capital. “They own and manage five multifamily properties totaling 262 units, as well as one hotel property.”
Winchester is a smaller market within the greater suburban Virginia, Maryland, Washington, DC metro area.
“Both Fay Street and Fort Colliers benefit from good highway access which has a positive impact on the regional economy and ensures access to employment opportunities from Pennsylvania to the north and to western Virginia to the south,” added Musgrove. “We were pleased to provide this new loan to a quality local sponsor meeting the demand for workforce affordable housing.”