Hunt Secures Fannie Mae Loans for 2 FL Communities
The two affordable properties comprise a total of 85 units. The loans closed by Hunt Mortgage Group add up to $4.1 million.
By Alex Ciorogar
Villas of Havana, 717 SW 11th Ave. in Miami
Hunt Mortgage Group has provided Fannie Mae small balance loans to refinance two Florida multifamily assets.
Located at 717 SW 11th Ave. in Miami, Villas of Havana is a 26-unit affordable mid-rise community. Villas of Havana consists of one three-story building that includes two residential stories above a one-story parking structure and laundry facility. The company provided a $2.5 million 10-year fixed-rate loan with 30 years of amortization. The community was completed in 2000 and the borrower acquired the asset in 2014. According to Hunt Mortgage Group, the property is 92 percent occupied.
Places at Capital Village, 2765 W Tharpe St. in Tallahassee, Fla.
Located at 2765 W Tharpe St. in Tallahassee, Fla., Places at Capital Village is a 59-unit two-story walk-up affordable community featuring one- and two-bedroom apartments. Hunt secured a $1.6 million 10-year loan with 9.5-years yield maintenance over 30 years. The borrower purchased the 39,600-square-foot asset as a mismanaged property in September 2016, investing more than $80,000 for capital improvements. According to Yardi Matrix, the property is 96 percent occupied.
Community amenities include:
- laundry facility
- swimming pool
- surface parking for 118 vehicles
- individual air conditioning
- Wi-Fi
“Both Places at Capital Village and Villas of Havana are performing well and are in quality markets,” said Chad Musgrove, vice president of Hunt Mortgage Group, in prepared remarks. “The borrowers are both experienced local commercial real estate and multifamily investors with multiple interests in the Florida market.”
Photos courtesy of Yardi Matrix and Google Street View
