NEW YORK, Sept. 30, 2020 /PRNewswire/ — Hunt Real Estate Capital, a division of ORIX Real Estate Capital, announced that it has provided a $27 million Fannie Mae DUS® Conventional Multifamily loan to refinance construction debt for Las Vistas at Amelia, a 174-unit apartment community in Miami-Dade county.
Built in 2020, Las Vistas at Amelia is a workforce housing community designed to attract young professionals. The two-bedroom, two-bathroom apartments feature a modern design with ceramic tile flooring throughout, granite countertops in the kitchen and bathrooms, and state-of-the-art hurricane impact windows.
Located in Hialeah, Florida, the property quickly leased up post-construction, demonstrating its strong appeal to the community.
“Las Vistas at Amelia is a high-quality workforce housing community that plays an important role in the city of Hialeah by providing safe, first-rate housing for its residents,” said Marc Suarez, director with Hunt.
The $27 million loan features a low, fixed interest rate, 15-year term, and 10 years of interest only, followed by a 30-year amortization schedule. In addition to paying off construction debt, the loan provides substantial proceeds to the sponsors.
“Refinancing construction debt with agency financing within a year of the new build is a noteworthy feat,” Suarez concluded. “Fannie Mae multifamily financing can be impressively efficient and an optimal permanent debt solution.”
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.
Hunt Real Estate Capital
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SOURCE Hunt Real Estate Capital