-- Total funding equals $11.2 million --
NEW YORK, March 19, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae DUS® loan in the amount of $11.2 million to finance the acquisition of a multifamily property located in Phoenix, Arizona. The loan term is 10 years with five years of interest-only payments and a 30-year amortization.
Zen on 50th is a newly constructed, garden-style apartment community with 55 townhouse units. The property consists of nine, two-story residential buildings and a clubhouse/fitness center located behind an access gate on 3.5 acres of land. The property also features 110 garage parking spaces and 34 open surface spots.
"Zen on 50th was built in 2018, is in excellent condition, and the surrounding community is up and coming with new properties being built and renovations being made on older properties," noted John Hurley, Vice President at Hunt Real Estate Capital. "The property features beautiful two- and three-bedroom options and the gated community and excellent amenity package is very attractive to renters."
The unit mix consists of 39 two-bedroom, two-and-a-half-bathroom units and 16 three-bedroom, three-bathroom apartments. Each unit has an attached double car garage and oversized patios. Property amenities include a resort style pool, barbecue, dog park and Zen garden, all within the controlled access gate.
Upon acquisition, title to the property will vested in Palm Grove Acquisitions LLC and MAM Management - Grove LLC, as tenants in common. The investors behind the borrowers are experienced multifamily operators with a terrific record of successful multifamily ownership.
"We were pleased to partner with the highly qualified investor on such a nice property to offer residents of Phoenix Class A+ multifamily housing," added Hurley.
The loan was brought to Hunt Real Estate Capital by John Fynmore of Sunrise Mortgage & Investment Company.
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 255 professionals in 24 locations throughout the United States. To learn more, visit https://huntrealestatecapital.com/.
Hunt Real Estate Capital
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