Hunt Real Estate Capital, in a joint venture with ARA Newmark, has secured a $6.1 million Freddie Mac loan for the refinancing of The Village on West Irving Apartments, a 91-unit community in Irving, Texas. The facility is a 10-year fixed-rate loan, with 36 months of interest-only and a 30-year amortization schedule.
DavidInvest, Homebuyers Today, Mike & David Invest and HNN Holdings are the borrowers in the transaction. According to data provider Yardi Matrix, the property last traded in October 2018, when DavidInvest acquired the garden-style asset from Elmstone Group.
Built in 1963 and 1974, the six two-story buildings sit on approximately 4.6 acres at 2119 West Irving Blvd. The Village on West Irving is part of the South Irving submarket, South of Highway 182 and East of President George Bush Turnpike. The property features a mix of one- and two-bedroom units, ranging from 431 to 1,440 square feet. Amenities include a swimming pool, playground, laundry facility and leasing office. According to Yardi Matrix, the community was 94.5 percent occupied as of November.
“This is the first loan ARA closed in a new relationship with Hunt Real Estate Capital and it will help make ARA a one-stop shop for small balance loans which nicely compliments our overall business,” said Jakob Andersen, senior managing director at ARA, in a prepared statement.
In another recent deal, Hunt closed on $22.5 million in financing for the acquisition of two Arizona assets. Fannie Mae provided the 12-year loan.
Image courtesy of Yardi Matrix