NEW YORK, Jan. 10, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae Conventional Loan in the amount of $6 million to finance the acquisition of a multifamily property located in Little Rock, Arkansas.
Northwest Hills Apartments is a 126-unit multifamily property that is comprised of 42 one-bedroom units and 84 two-bedroom apartments. The property was built in 1984 and consists of 13 two-story buildings.
The loan has a 10-year term with a fixed interest rate of 5.52%, amortizing over 30 years after two years of interest only payments.
"The borrowers are seasoned commercial real estate investors and repeat Hunt Real Estate Capital clients," noted Adam Luwisch, Vice President at Hunt Real Estate Capital. "The borrowers plan to invest in property improvements post-closing, including roof and building exterior repairs, pool and parking lot repairs, landscaping and unit interior upgrades, including green efficiency upgrades."
Community amenities include a swimming pool with a generous sun deck and hot tub, as well as a wooden entertaining deck at the rear of the leasing center/clubhouse.
"Northwest Hills is well located and benefits from historically solid occupancy rates," added Luwisch. "We were pleased to partner with this repeat quality borrower."
Little Rock is the capital and the most populous city in Arkansas, as well as the county seat of Pulaski County. Little Rock is a cultural, economic, government and transportation hub within Arkansas and the southern region of the United States.
About Hunt Real Estate Capital
Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $28.4 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 241 professionals in 25 locations throughout the United States. To learn more, visit https://huntrealestatecapital.com/.
Hunt Real Estate Capital
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SOURCE Hunt Real Estate Capital