Hunt Real Estate Capital announced it has provided a Fannie Mae DUS® conventional multifamily loan of approximately $11.5 million to refinance Buckner Village Apartments, a 172-unit property in Dallas consisting of 24 two-story apartment buildings.
Built in 1972, Buckner Village Apartments is a garden-style workforce housing community that is approximately 98% occupied. The sponsor is JAG Acquisitions LLC, a Texas limited liability company backed by owner James E. Graham, Jr., a repeat client of Hunt. Duke Stone, president and co-founder of Churchill Capital Company of Dallas, Texas, served as the mortgage banker for the transaction.
“We were thrilled to once again partner with this great local sponsor, the Churchill Capital team, and Fannie Mae to provide the financing on this well-operating workforce housing property during one of the most tumultuous periods ever for our industry,” said Colin Cross, managing director at Hunt Real Estate Capital. “Despite the challenges posed by the COVID-19 crisis, we were able to maintain the Sponsor’s requested financing proceeds, allowing them to take advantage of the historically low interest rate environment.”
The loan features a low fixed rate, 12-year term with two years of interest only, and a 30-year amortization schedule.
“Our Hunt and ORIX Real Estate Capital deal team is proud to play a part in helping maintain liquidity for affordable multifamily housing property owners and their tenants during these difficult times,” added Cross.