This content was created and published by one of Lument’s legacy companies. Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group are now Lument.
Hunt Real Estate Capital announced today that it has provided an $8.19 million Fannie Mae conventional loan to refinance a multifamily property located in Hialeah, Florida.
Oceanmar Park Apartments is a 104-unit, garden-style apartment community that was built in 1967 and consists of 26 two-story buildings.
The borrower is Oceanmar Park Apartments LLC, a Florida limited liability company. The 15-year loan is interest only for the full term.
“The property has been well maintained by the owner and with this new loan facility, they plan to invest approximately $330,000 in capital improvements to upgrade the community,” commented Marc Suarez, Director at Hunt Real Estate Capital.
Planned improvements include painting, new appliances and air conditioners, a security system, new garbage enclosure, and repaving – all of which will be implemented over the next four years.
“This repeat borrower is a seasoned commercial real estate investor that has been involved in the industry for over 20 years,” added Suarez. “This transaction is a great example of how we can work efficiently to rate lock and close in an uncertain lending environment. We were able to take advantage of a very small window of low treasuries and spread for the borrower.”
Hialeah is located 10 miles from downtown Miami. The property benefits from good access to public transportation, major thoroughfares, local shopping and retailers, local schools, and public parks. In addition, it is conveniently located near Miami International Airport.
“This is the sixth transaction Hunt has closed in the city of Hialeah with this sponsor,” stated Suarez. “Hialeah is a very important market for workforce housing. It’s a market where we have local resources that allow us to understand the needs and opportunities for our borrowers.”