Hunt Real Estate Secures Financing for Austin Asset
The 12-building property is fully affordable, restricted to individuals and families earning 60 percent or less than the area’s median income.
California-based Hunt Real Estate Capital has provided a $19.5 million Fannie Mae loan to finance the acquisition of Blunn Creek Apartments, an affordable multifamily property located in south Austin, Texas. The borrower is a Texas LLC sponsored by Avanatah Capital Management.
According to Yardi Matrix data, the seven-year loan bears interest at a rate of 4.5 percent per year and the borrower is also the seller. For the current loan, Hunt Real Estate Capital was able to provide four years of interest-only payments.
The 12-building asset is spread across more than 15 acres at 701 Woodward St. and totals 280 units with one- to three-bedroom floorplans, all restricted to individuals and families whose income is 60 percent or less than the area’s median income. In addition, 32 units are wheelchair accessible. The property was built in 2002 and features a swimming pool, a fitness center, a business center, a clubhouse, a laundry facility, a picnic area with barbecue grills and 400 parking spaces.
“The borrower has allocated approximately $2 million in funding for a variety of interior and exterior improvements,” Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital, said in a prepared statement.
In another recent deal, Hunt arranged a $6.1 million Freddie Mac refinancing loan for The Village on West Irving Apartments.
Images courtesy of Yardi Matrix
