Hunt Arranges Refi for 2 VA Communities
- Mar 13, 2019
Hunt Real Estate Capital has secured an $8.8 million refinancing for Fay Street Apartments and Fort Colliers Apartments. The two multifamily properties are situated in Winchester, Va., a smaller market within the greater suburban Baltimore-Washington, D.C., metro area.
Each community benefits from a 10-year Fannie Mae DUS loan, with $4.6 million for Fay Street Apartments and $4.2 million for Fort Colliers Apartments. Yield maintenance will apply during the first 9.5 years, with a 1 percent prepayment fee thereafter.
“Both properties are self-managed by the borrower, an experienced local investor in the rental market with a proven track record for success,” said Chad Musgrove, vice president at Hunt Real Estate Capital, in prepared remarks. “They own and manage five multifamily properties totaling 262 units, as well as one hotel property.”
Fay Street is located at 121 Fay St., approximately 6 miles from downtown Winchester and close to Interstate 81. The 78–unit community encompasses nine two-story residential buildings that feature two- and three‐bedroom apartments. Developed in phases in 1956, 1966, 1971 and 1980, the property is situated on a roughly 2.8-acre parcel and has a current occupancy rate of 98.7 percent.
Fort Colliers is situated at 924-1024 N. Braddock St., only 1.5 miles from the city center and close to restaurants and shopping centers. The two- and three-story garden style buildings were constructed in 1986, 1988 and 1989. They offer 72 one- to three‐bedroom units, two of which are vacant. Amenities include off‐street parking and a laundry facility.
In February, Hunt Real Estate Capital originated a $4.2 million Fannie Mae refinancing loan for a 101-unit California community.
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