HHHunt Corporation, LLC has landed $619 million in financing for its two multifamily portfolios in the Southeast.
Provided by PGIM, the fixed-rate debt will cover 15 total properties across 4,237 units. Of the assets, the bulk (10) were structured through Freddie Mac, which got $412.77 million of the financing. The remaining five went through Fannie Mae, representing $206.16 million.
The assets in the portfolios include a mix of garden-style and mid-rise apartments. They are located across the following states: Georgia, South Carolina, Virginia, Maryland, Tennessee and North Carolina.
“PGIM delivered exactly what we needed. Lee McNeer (executive director for PGIM's real estate unit) and his team gave us clear options, the right strategy, and flawless execution," Brian Myers, vice president of finance for HHHunt, said in a statement.
"The Freddie Mac and Fannie Mae solutions let us unlock portfolio equity, secure long-term stability, and hit our risk targets — all on schedule. We’re stronger today because of this partnership."
Currently, HHHunt operates more than 8,600 apartments in the Southeast. Also, the company has an additional 1,580 units underway, with a total of $138 billion of assets under management (as of June).
On the national level, while multifamily sales fell 14.4 percent quarter-over-quarter in three months through June, the segment is up by 24.4 percent when looking at the trailing 12 months or 5.3 percent using the first half total and comparing the numbers year-over-year, according to a recent report by Newmark. For the trailing 12 months, the Sunbelt dominated, accounting for 48.9 percent of the sales volume.
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