Hunt Real Estate Secures $12M for Dallas-Area Buy
- Dec 11, 2019
Hunt Real Estate Capital has provided a $12 million Fannie Mae loan to finance the acquisition of a 124-unit property in Arlington, Texas. The mortgage carries a 12-year term with two years of interest-only payments.
Funded through Fannie Mae’s Green Rewards program, the loan will be used to implement energy-efficient upgrades as well as interior and exterior improvements. According to Yardi Matrix data, Cedar Ridge Townhomes traded for $16 million, or $128,806 per unit. The community was 92.7 percent occupied as of October.
Located at 2082 Knoll Crest Drive, on roughly 8 acres, the property was built in 1980 and consists of 31 two-story buildings. Amenities at Cedar Ridge include a swimming pool, a playground, barbecue grills, a picnic area and a dog park. Interstate 20 is within a mile of the property and the surrounding area provides several retail and dining options such as The Parks Mall, which is within 3 miles of the townhomes.
Recently, Hunt Real Estate Capital arranged a $12 million Fannie Mae loan for the refinancing of a 127-unit community in Albany, Ore. The company brokered the transaction on behalf of the borrower, a Commercial Property Resources entity.