Hunt Real Estate Capital announced today it provided a Fannie Mae DUS® conventional loan in the amount of $12 million to finance the acquisition of a multifamily property located in Arlington, Texas.
Cedar Ridge Townhomes is a 124-unit property that is located at 2082 Knoll Crest Drive. The property was built in 1980 and is comprised of 31 two-story buildings situated on a 7.8-acre parcel of land. The loan features a 12-year term with two years of interest only.
“The borrowers are new Hunt Real Estate Capital clients, but they have extensive real estate experience,” said Josh Messier, Senior Managing Director at Hunt Real Estate Capital. “Their current portfolio consists of 447 units across seven properties in the Dallas-Fort Worth market, and together they own one other multifamily property in Arlington.”
The property is being funded under Fannie Mae’s Green Rewards program, and the borrower will implement energy efficiency upgrades, unit upgrades, and exterior repairs upon acquisition.
“Cedar Ridge Apartments is a well situated, quality asset in Arlington close to major shopping centers, sports and entertainment venues, and major thoroughfares. As part of Fannie Mae’s Green Rewards execution, Hunt was able to finance most of the borrower’s capital improvement plans. We are pleased to deliver excellent terms for a strong sponsor,” added Messier.
Amenities include a swimming pool, children's playground, barbecue grills, picnic area, playground, and a dog park. Onsite parking is provided in a concrete-paved drive for each townhome.
Arlington is approximately 15 miles west of Dallas and 10 miles east of Fort Worth.
About Hunt Real Estate Capital
Hunt Real Estate Capital, a division of Hunt Capital Holdings LLC, (“HREC”) is a leader in financing, investing and managing multifamily housing and commercial real estate. HREC is a source of debt and equity capital for multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage, and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private investment vehicles. HREC is the third largest multifamily property manager in the US. To learn more, visit https://huntrealestatecapital.
