Emphasis on Workforce Housing a Priority in Multifamily
Hunt Real Estate Capital provided a Fannie Mae affordable multifamily loan in the amount of $19.5 million to finance the acquisition of Blunn Creek Apartments, where all units are low-income reserved.
AUSTIN, TX—Hunt Real Estate Capital recently provided a Fannie Mae loan in the amount of $19.5 million to finance the acquisition of Blunn Creek Apartments, an affordable housing multifamily community located at 701 Woodward St. The borrower is a Texas LLC, sponsored by Avanath Capital Management. Hunt Real Estate Capital was able to provide four years of interest-only payments on this transaction.
“ACM is a California-based investment firm that acquires, renovates and operates apartment properties with an emphasis on affordable and workforce communities,” says Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital.
Built in 2002, the property consists of 280 housing units and is comprised of 12 three-story buildings, a leasing office and a business center. Common area amenities include gated access, on-site management, a clubhouse, laundry facility, fitness center, business center, picnic areas, barbecue grills, covered parking, a playground and a pool.
In addition, 32 units are accessible by persons with disabilities. All of the units at Blunn Creek are restricted to individuals or families whose income is 60% or less of the area median income.