11/22/2019 | Press release | Distributed by Public on 11/22/2019 17:15
Hunt Real Estate Capital announced today it provided a Fannie Mae DUS® conventional loan in the amount of $7.7 millionto finance the acquisition of a multifamily property located in Macon, Georgia.
College Park Apartments is a 219-unit, garden-style apartment community that features 44 two- and three-story apartment and townhome buildings. The property is situated on 24.2 acres.
The borrowing entity is CP Apartments 19 LLC, a single purpose Georgia Limited Liability Company, who is acquiring the property from College Parkof Macon, LLC. The deal is backed by Watermark Sunbelt Fund. The loan features a 10-year term that will amortize over 30 years, with the first three years being interest only.
'This is the 14th transaction Hunt Real Estate Capital has financed for this borrower, and they have roughly 90 years of combined multifamily real estate experience,' said Josh Messier, Senior Managing Director at Hunt Real Estate Capital.
'For Watermark Sunbelt, College Parkwas a key anchor acquisition for the central Georgiamarket. We're excited about the opportunity to improve the quality of the asset, and we are pleased to have worked with Hunt, as their help was critical to a timely close,' noted Ian Garcia, Chief Operating Officer and Treasurer at Watermark Sunbelt Fund. 'This strategic purchase very much aligns with our mission to create safe, clean, and affordable housing for working families in our communities.'
College Park Apartments was constructed in three contiguous phases from 1968 to 1972, and the unit mix includes 44 one-bedroom, one-bathroom apartments; 115 two-bedroom, one-bathroom units; and 60 three-bedroom, one-and-a-half bathroom apartments. Property amenities include a laundry facility, 522 parking spaces, gated access, and a pond.
'Watermark is strategically expanding their footprint in Georgia, and the acquisition of this community enables them to fulfill their mission of providing quality affordable housing to local residents. We look forward to continuing to help them grow throughout Georgiaand other markets in the near future,' concluded Messier.