Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $6 million to refinance a multifamily property located in Burien, Washington.
Village Montrachet Apartments is a 57-unit, garden-style apartment complex comprised of three, three-story apartment buildings containing 48,585 rentable square feet. Built in 1988, the property offers 30 one-bedroom, one-bathroom units, 20 two-bedroom, two-bathroom apartments, and six three-bedroom, three-bathroom units.
The borrower is Village Montrachet, LLC, an entity backed by an undisclosed sponsor who purchased the property in early 2001. The new loan will refinance existing debt and provide the borrower with the necessary proceeds to invest in the acquisition of another commercial property.
The transaction is a 5/1 Hybrid-ARM loan with a 30-year amortization schedule and a yield maintenance prepayment schedule.
“The Sponsor is a repeat Hunt Real Estate Capital client and Freddie Mac borrower, having closed Cedar Gardens Apartments with us in January 2018 with a loan amount of $5.1 million,” noted Sergey Klimov, a Vice President at Hunt Real Estate Capital who originated the loan. “The sponsor is also a seasoned a local real estate owner/operator who has been investing in real estate for over 40 years, and currently owns and manages over 400 residential units in the Seattle area across 11 different properties.”
Glenn Gioseffi, a Partner at Kidder Mathews, sourced the loan.
Property amenities include a total of 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces.
Burien, Washington is located within the Seattle MSA and the property is in a growing market that consistently supports demand for multifamily housing.
“We were pleased to partner with the client again on this deal, as he has a proven track record of success,” added Klimov.
Hunt Real Estate Capital
Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $27 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 241 professionals in 25 locations throughout the United States. To learn more, visit huntrealestatecapital.com
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