Historic Boston Community Lands $10M Loan

In a deal arranged by Hunt Real Estate Capital, the 47-unit Navy Yard Apartments received financing through Fannie Mae.
Navy Yard Apartments. Image via Google Street View

Hunt Real Estate Capital provided a $9.9 million Fannie Mae loan for the acquisition of Navy Yard Apartments in Boston. An entity affiliated with Multifamily Acquisition Advisors and Serone Asset Management purchased the historic property. 

The 10-year financing includes full-term interest-only payments. Yield maintenance will apply during the first 9.5 years, with a 1 percent prepayment fee thereafter. The 47-unit garden-style community encompasses two studios and 30 one- and 15 two-bedroom units. Completed in 1900, the classic brick building features exposed beams, custom built-in appliances, 10- to 12-foot ceiling heights and hardwood floors.

Navy Yard Apartments is located at 33 Third Ave., in the heart of the 30-acre historic Boston Navy Yard. Situated in Charlestown, the city’s oldest neighborhood, it is surrounded by a wide array of restaurants such as Pier 6, Navy Yard Bistro, Brewer’s Fork and Warren Tavern, landmarks including The Bunker Hill Monument, Freedom Trail and USS Constitution, as well as Bunker Hill Mall, which is less than a mile away. 

Earlier this month, ORIX USA, a subsidiary of financial services giant ORIX Corp., announced an agreement to acquire Hunt Real Estate Capital. The deal will include ORIX subsidiaries Lancaster Pollard and Red Capital and is expected to close by year’s end.