NEW YORK, Aug. 3, 2020 /PRNewswire/ -- Hunt Real Estate
Capital announced it has provided a Fannie Mae DUS®
conventional multifamily loan for approximately $11 million to refinance Buckner Village
Apartments, a 172-unit property in Dallas consisting of 24 two-story apartment
buildings.
Built in 1972, Buckner Village Apartments is a garden-style
workforce housing community that is approximately 98% occupied. The
sponsor is JAG Acquisitions LLC, a Texas limited liability company backed by
owner James E. Graham, Jr., a repeat
client of Hunt. Duke Stone, president and co-founder of
Churchill Capital Company of Dallas,
Texas, served as the mortgage banker for the
transaction.
"We were thrilled to once again partner with this great local
sponsor, the Churchill Capital team, and Fannie Mae to provide the
financing on this well-operating workforce housing property during
one of the most tumultuous periods ever for our industry," said
Colin Cross, managing director at
Hunt Real Estate Capital. "Despite the challenges posed by the
COVID-19 crisis, we were able to maintain the Sponsor's requested
financing proceeds, allowing them to take advantage of the
historically low interest rate environment."
The loan features a low fixed rate, 12-year term with two years
of interest only, and a 30-year amortization schedule.
"Our Hunt and ORIX Real Estate Capital deal team is proud to
play a part in helping maintain liquidity for affordable
multifamily housing property owners and their tenants during these
difficult times," added Cross.
About Hunt Real Estate Capital
Hunt Real Estate
Capital (HREC), a division of ORIX Real Estate Capital, is a
leader in financing multifamily housing and commercial real estate.
HREC is a source of debt for multifamily, affordable housing,
manufactured housing, healthcare/senior living, retail, office,
industrial, self-storage, and mixed-use assets through Fannie Mae,
Freddie Mac, FHA, its own balance sheet and managed public and
private investment vehicles. To learn more, visit
www.huntrealestatecapital.com.
MEDIA CONTACT
Michael Ratliff
Hunt Real Estate Capital
212-588-2163
michael.ratliff@huntcompanies.com
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SOURCE Hunt Real Estate Capital