Philadelphia Mid-Rise Receives Freddie Mac Refi
Hunt Real Estate Capital has secured a $5.9 million loan for the recently completed Terrace Lofts, a 32-unit community located the city's Manayunk neighborhood.
Hunt Real Estate Capital has provided a $5.9 million Freddie Mac Small Balance Loan (SBL) to refinance a 32-unit multifamily property in Philadelphia. Terrace Lofts also benefits from a 10-year tax abatement. The 10-year fixed rate loan comes with a 30-year amortization schedule.
Located at 3818 Terrace St. in the Manayunk neighborhood, the four-story mid-rise is close to Interstate 76 and within a 30-minute drive of downtown Philly. The property includes one- and two-bedroom floorplans, with each unit encompassing a balcony, granite countertops, stainless steel appliances, laundry facilities and walk-in closets. Construction was completed in April 2018, and the community leased up to a stabilized market occupancy by September.
“The borrower purchased the property in February of 2016 and developed a high-quality multifamily asset with top of the line finishes. The sponsor of the project is a real estate investor with 11 years of direct investment experience in multifamily assets in the Philadelphia market,” said Harris Heller, managing director at Hunt Real Estate Capital, in prepared remarks.
Image courtesy of Hunt Real Estate Capital