NEW YORK, Sept. 24, 2019 /PRNewswire/ — Hunt Real Estate Capital announced today that it has provided a conventional Fannie Mae DUS® multifamily loan in the amount of $5.88 million to refinance a multifamily property located in Hialeah, Florida.
The District Apartments, completed in March of 2019, is a newly built apartment community located at 8520 W 21 Street. The property consists of 39 units housed in one residential building, which is fully leased.
The borrower is Hialeah 1.2, LLC, a Florida Limited Liability Company and single asset entity owned by Prestige Companies. The loan term is 15 years with a 30-year amortization schedule and is interest only for the first seven years.
“The borrower developed the property in 2019 and will use the proceeds from the new loan to repay the existing construction loan and recapture some equity,” commented Marc Suarez, Director at Hunt Real Estate Capital. “This is the third project that we have financed for Prestige Companies in the Hialeah market. Their local knowledge and experience in this market has allowed them to strategically acquire, entitle, and develop quality workforce housing for Hialeah’s residents.”
Amenities include walk-in closets, central air, in-unit washer/dryer, impact windows, fire sprinklers, wood cabinets, and granite countertops in both the kitchen and bathroom.
Hialeah is located northwest of downtown Miami within the Miami MSA and is the second-largest municipality in Miami-Dade County. The District Apartments sits just 10 miles north of Miami International Airport.
About Hunt Real Estate Capital
Hunt Real Estate Capital, a division of Hunt Capital Holdings LLC, (“HREC”) is a leader in financing, investing and managing multifamily housing and commercial real estate. HREC is a source of debt and equity capital for multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage, and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private investment vehicles. HREC is the third largest multifamily property manager in the US. To learn more, visit https://huntrealestatecapital.com.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital