Hunt Funds La Mesa Low-Income Apartment Deal

Hunt Real Estate Capital has funded a $25.5 million loan under the HUD 223(f) Heavy LIHTC program to finance La Mesa Springs, a low-income multifamily property located in La Mesa, California. The borrower is Jonathan Rose Companies and Wakeland Housing & Development Corp.

La Mesa Springs is an 8-story, 129-unit apartment building. It is a low-income HUD subsidized 62+ elderly project. It was built in 1980 and 1981. It is currently 100% occupied.

The borrower plans to make a series of improvements, including fully renovating the kitchens, including replacement of appliances with energy‐efficient models, new kitchen counters, refinished kitchen cabinets and hardware; new bathroom vanities and medicine cabinets; new plumbing and lighting fixtures; interior and exterior window and door upgrades as necessary; fully redesigned common spaces; new fitness center; new business/learning center; updated lounge, library, and leasing areas with added amenities.