-- Total funding equals $6.75 million --
NEW YORK, June 20, 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 multifamily loan in the amount of $6.75 million to refinance a multifamily property located in Greenville, South Carolina.
Lakewood on the Saluda is located at 4B Shore Drive and is a 104‐unit, garden‐style apartment community. The property was built in 1974 and is situated on 81 contiguous parcels totaling 28.62 acres. Lakewood on the Saluda consists of 52, one‐story buildings, and has 208 surface parking spaces.
The loan term is 10 years with a 30‐year amortization. Yield maintenance will apply during the first 114 months with a 1% prepayment thereafter with the last 90 days open.
"Lakewood on the Saluda has been well maintained, as the borrower has been proactive at maintaining and updating the property and has invested over $140,000 into the property each year for the past three years," noted Josh Messier, Managing Director at Hunt Real Estate Capital. "The borrower has 27 years of experience in owning and managing multifamily real estate properties and purchased the property in 2014."
The property is located approximately 5 miles west of the Greenville Central Business District. The southern border of the neighborhood is US Highway 123, the western border is Saluda Lake, the northern border is Farris Bridge Road, and the eastern border is US Highway 25.
The neighborhood maintains an adequate mix of residential and commercial properties with support developments including shopping centers, franchise restaurants, service stations, convenience stores, office buildings, and recreational areas. The demographics of the neighborhood show strong levels of expansion in population and households, typical of growing areas in suburban locations.
"The borrower is a repeat Hunt Real Estate Capital and Fannie Mae client," added Messier. "In 2016 we provided an adjustable rate loan to refinance the Sponsor's acquisition loan and we were pleased to partner with them again to help manage their portfolio financing needs."
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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