Hunt Mortgage Group Closes $13M Acquisition Loan for 204-Unit Community

The Miami office of Hunt Mortgage Group recently closed a $13 million Fannie Mae loan to finance the acquisition of Waters Edge at Harbison.

Columbia, S.C.Hunt Mortgage Group recently provided a $13 million Fannie Mae loan to finance the acquisition of a 204-unit, garden-style apartment community located in Columbia, S.C.

Waters Edge at Harbison

Waters Edge at Harbison

The loan term for Waters Edge at Harbison’s acquisition is 10 years with amortization based on a 30-year schedule, with three years of interest only. The borrower is Waters Edge Apartments LLC, a Florida limited liability corporation backed by Chris Finlay, CEO of Lloyd Jones Capital LLC.

Located at 250 Crossbow Dr., Waters Edge at Harbison features one-, two- and three-bedroom floorplans with unit sizes ranging between 819 and 1,350 square feet. The property consists of 15 two- and three-story residential apartment buildings across 17.42 acres. At the time of the announcement, the community was 95 percent occupied.

According to Yardi Matrix, rents at Waters Edge at Harbison range between $875 for a one-bedroom unit and $1,100 for a three-bedroom unit. Residential amenities include a fitness center, business center, tennis court, volleyball court, swimming pool, spa, laundry facilities and 493 parking spaces.

“The borrower is a seasoned commercial real estate and multifamily investor and developer,” noted Chad Musgrove, vice president at Hunt Mortgage Group, in prepared remarks. “Waters Edge at Harbison is in good condition and in an area strongly supporting multifamily rentals.  We were pleased to deliver quickly and efficiently for such a quality sponsor. Customer service is key to our continued success.”

The Waters Edge at Harbison deal was closed by the Miami office of Hunt Mortgage Group.

Image via Yardi Matrix