Hunt Wants to Increase Its Phoenix Exposure

Hunt Real Estate Capital is bullish on the Phoenix and Arizona markets. The lender has recently financed two multifamily acquisition deals in Phoenix and Glendale, and wants to increase its exposure in the market. In addition, Hunt says that its partners and Fannie Mae and Freddie Mac are bullish on the Phoenix market, and are looking for opportunities.

“We would love to increase our exposure in the Phoenix market.  Our partners at Fannie Mae and Freddie Mac continue to be bullish about Phoenix, and our Hunt proprietary bridge and permanent loan balance sheet lending programs are always looking for good deal stories and clients to support in the market,” Colin Cross, Director at Hunt Real Estate Capital, tells GlobeSt.com. “We’ve looked at everything from luxury new construction deals in the Arts District of Central Phoenix, to nice student housing properties in Tempe near ASU, to older value-add renovation deals in Glendale and Goodyear here recently in those programs—and would love to see more.”

Hunt funded the acquisition of Canyon Woods Apartments, a 12-building 224-unit apartment complex in Phoenix, and Shadow Rose Apartments, a 14-building, 148 unit apartment complex in Glendale. “These properties are great representations of the types of assets we strive to finance at Hunt,” says Cross. “They are well-maintained and well-occupied assets located in stable but growing submarkets; they serve a need for Affordable housing within their neighborhoods; they are being purchased by a local, repeat Hunt client that already has a strong presence in the Phoenix market; and they are expected to be improved by implementing Green water and energy-saving enhancements after acquisition.  Those are essentially all the tent-poles of our core lending mission nationwide.”