-- Total funding equals $3.74 million --
NEW YORK, July 25, 2019 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan in the amount of $3.74 million to refinance a seniors housing property located in Tremonton, Utah.
Hunt Real Estate Capital's Brady Johnson originated the deal, with the deal team also including Andy Kitts, Chief Credit Officer, Agency Seniors Housing and Heath Coryell, Deputy Chief Underwriter, Agency Seniors Housing.
Our House of Tremonton is a 28-unit assisted living facility originally built in 1995. The property is owned by Utah-based SAL Management and has been part of their growing portfolio of seniors housing properties for more than 13 years.
The property recently opened 12 new units after completing an extensive renovation and expansion. The remodel included a complete update to all areas of the building, including resident suites, bathrooms, and common areas, as well as adding vaulted ceilings and natural light throughout the front entry, dining room, and hallways.
The property is an integral part of the local community, offering the highest quality of care in a new and modern space without the need to travel out of town. It is well known for its quality of care, high-end finishes, committed and friendly staff, and its local ownership.
"SAL Management has been directly involved in the operations of seniors housing communities for over 13 years. The group is very experienced and well known for providing a high quality of care in a local, homegrown type of environment," noted Brady Johnson, Director of Seniors Housing and Healthcare at Hunt Real Estate Capital. "SAL currently operates assisted living communities in Utah, Arizona, and Colorado. They continue to grow in what they are good at, and we were pleased to have played a part in their ever-growing success."
"Our House of Tremonton is a stabilized seniors housing community located aside from any dominant competition," noted Kathryn Burton Gray, Head of Seniors Housing & Healthcare at Hunt Real Estate Capital. "This was a gateway opportunity for us to fund a Fannie Mae loan and establish a strategic partnership with a well-established owner/operator. We were pleased to partner with them on this solid deal to offer a quality assisted living option to the local community of Tremonton."
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