Hunt Secures Fannie Mae Loan for FL Student Housing
Completed earlier this year, the Highlands Apartments is 100 percent leased. The community is an off-campus property serving students at the Florida State University.
By Adina Marcut
1824 Greentree Lane, Tallahassee, Fla.
Hunt Mortgage Group has secured a $4 million Fannie Mae loan for the acquisition of The Highlands Apartments, a 17-unit student housing asset in Tallahassee, Fla., serving students attending Florida State University. NMS Highlands LLC borrowed the 10-year term, three-year interest only loan. CREFCO’s Principal Tim Stevens secured the transaction. College Town will be managing the asset.
Built in 2017, the 78-bed property is currently fully occupied. “Highlands Apartments is currently 100 percent occupied and is located just over a mile from the Florida State University campus,” Managing Director at Hunt Mortgage Group Owen Breheny, said in a statement. “The property is also an attractive, newly-built housing facility that was constructed with top-of-the-line furniture and amenities.”
Located at 1824 Greentree Lane, The Highlands Apartments is situated approximately six miles from the Tallahassee Regional Airport. Additionally, a mix of shopping, dining and entertainment venues such as the Dollar Corner, San Luis Mission Park, Florida State University Museum at Fine Arts, Donald L. Tucker Civic Center and others are nearby.
The 17 two- and three-story buildings offer four- and five-bedroom units. Common area amenities include a fitness center, swimming pool, Wi-Fi and a clubhouse. Residents can enjoy interior unit amenities such as washer/dryer, walk-in closets, stainless steel appliances, dishwasher and an island kitchen.
Last month, Hunt Mortgage Group provided $4.1 million Fannie Mae small balance loans for the refinance of two Florida multifamily assets.
Image via Google Street View
