Indiana Property Lands Fannie Mae Refi
- Aug 30, 2019
Sugar Mill Creek Townhomes, a townhouse-style property in Evansville, Ind.’s east side, has gained $15.8 million in Fannie Mae refinancing. Hunt Real Estate Capital provided the loan, which features a 12-year fixed-rate term amortizing over 30 years, and includes a two-year interest-only period. The borrower was Interprop Fund III LP.
Built in two stages, Sugar Mill Creek Townhomes’ 276-unit first phase was completed in 1986 and its 211-unit second phase a year later. The multifamily community features 31 two-story buildings spread across a more than 32-acre parcel.
Early rate lock
“These properties are the best in the market and have a long-term high occupancy and asset quality history,” Steven Cox, Hunt Real Estate Capital senior managing director, told Multi-Housing News. “Getting best possible terms and beating out life companies and HUD quotes, we were also able to offer an early rate lock to salvage the quoted spread and take advantage of lower treasuries.”
In addition to Cox, Hunt’s deal team featured Director Ian Monk.
Located at 4901 Sugar Creek Drive, the garden-style townhomes feature balconies or patios, ceiling fans, air conditioning, oversized closets and fireplaces. A clubhouse with residents’ party room leads the community’s list of common-area amenities.
The third largest city in the Hoosier State and the regional hub for the Indiana-Illinois-Kentucky Tri-State area, Evansville is situated at the southwestern border of Indiana.
It is centrally located among four major metros. Louisville, Ky. is 112 miles east, Indianapolis is 162 miles northeast, Nashville, Tenn. 156 miles south and St. Louis, Mo. 175 miles west. Sugar Mill Creek Townhomes is located in an area with convenient access to public schools, major universities, shopping and dining. Nearby recreational opportunities include Stockwell Park, McDonald Golf Course, John H. Fendrich Golf Course and Wesselman Woods Nature Preserve.