DEAL OF THE DAY: CWCapital Provides $30M Financing to HHHunt Corp.
- Feb 20, 2008
By Anuradha Kher, Online News EditorLexington, Md.–The Baltimore office of CWCapital, a real estate finance and investment management company focused on commercial and multifamily real estate debt, has provided more than $30 million in construction and permanent financing to Blacksburg, Va.-based HHHunt Corp. for the expansion of a Class A apartment complex in Lexington, Md.Abberly Crest is a two-phase project and the first phase consisting of 250 units was ready in 2006. Under the second phase of construction, which is expected to be complete in February 2009, the property will expand by 240 units. Building amenities include an Olympic size pool, clubhouse with Internet cafe, a fitness center and a clubroom.Dee McClure, senior vice president and mid Atlantic regional manager of CWCapital originated both transactions utilizing FHA-insured 221(d)(4) program. The program features a construction term plus 40-year fixed-rate financing and, in this particular situation, offered additional flexibility with a forward rate lock and an early start.“CWCapital has great respect for the borrower’s vision in identifying new and/or unique markets where there is a need for housing and in their team’s proven ability to build a quality property,” McClure tells MHN.