Clermont Multifamily Secures $53M Fannie Mae Refi Loan
Hunt Real Estate Capital provided the Fannie Mae financing for the property at 2550 Citrus Tower Blvd.
CLERMONT, FL—The ownership of the Vista at Lost Lake here has secured a $53-million Fannie Mae DUS conventional loan to refinance the 468-unit multifamily property.
New York City-based Hunt Real Estate Capital provided the Fannie Mae financing for the property at 2550 Citrus Tower Blvd. The property was constructed in two phases, with phase one completed in 2007 and phase two in 2014. The complex, located approximately 22 miles west of Orlando, is located on a 39.3-acre site and offers one-, two-, and three-bedroom units.
“The property, which is relatively new, is in excellent condition because the borrower has already made several major capital improvements over the past three years,” says James Kelly, director at Hunt Real Estate Capital. “A brand new clubhouse, fitness center, and leasing office were just completed, and the borrower plans to make several more upgrades as the property is located in an area with strong demand and growth.”
The five-year loan is full-term interest only and the last two years allow for a pre-payment fee of only 1%. Kelly adds that as part of the terms of the new loan, the borrower will escrow $1.3 million for exterior upgrades and painting.
Property amenities include two pools, a leasing office/clubhouse, maintenance shop, and a central mailbox center. The leasing office/clubhouse contains a community room, kitchen, fitness center, guest center, game room and interior basketball court.
Earlier this month, Hunt Real Estate Capital provided a $8.06-million Freddie Mac Green Advantage multifamily loan to finance the acquisition of the Lake Edge Apartments in Greensboro, NC.
Lakes Edge Apartments was built in 1972 and is situated on a 10.9-acre lot. The garden-style property is comprised of 19 two-story buildings containing 159 apartment homes. The unit mix consists of 92 one-bedroom units and 67 two-bedroom apartments.
The financing was structured as a 10-year ARM with four years of interest only and a 30-year amortization schedule. More than $230,000 of loan proceeds will focus on green retrofits to improve water and energy efficiency at the property.