USD 12.8 Million funding to be used for Purchase of a Multifamily Property at Macon, Georgia – Hunt Real Estate Capital Releases the Funds Under Fannie Mae DUS Loan

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Feb 11, 2020, 20:30 EST

Feb 11, 2020, 20:30 /Comserve / -- Hunt Real Estate Capital announced regarding its funding of USD 12.8 Million which would be in the nature of a Fannie Mae DUS conventional multifamily loan for the acquisition of a multifamily property located at Macon, Georgia.

Hunt Real Estate Capital had just made a recent announcement about its decision to provide financing to the tune of USD 12.8 million. This financing would be forming part of the Fannie Mae DUS conventional multifamily loan that is offered by Hunt Real Estate Capital.

The Estates located at Barrington comprises of a 176-unit along with a garden-style apartment community aggregating to a total of 192,000 rentable square feet. The property contains one, two and three-bedroom units which are being offered in a peaceful community set up.

The term of the loan has been fixed for a period of fifteen (15) years. There would be only interest payments for a period of seven (7) years. Subsequently, there would be a 30-year amortization for the remaining period of loan tenure.

Steven Cox, who is currently serving as the Senior Managing Director at Hunt Real Estate Capital remarked that the estates have been maintained well, with only minor repairs required to be undertaken. He also further commented that the previous owner had contributed in various ways for improvement of both interiors and exteriors over the recent years. He went on to add that they had recently financed the purchase of Park Place Apartments in St. Mary’s Georgia, with the former real estate clients of Huntsman once again approaching Hunt Real Estate Capital as borrowers.

The amenities present in the property are play area, fitness center, dog park, covered car care center, tennis court and sand volleyball court.

Steven Cox stated that their company was delighted to engage in a partnership with the investor for the purpose of helping them acquire one more local asset, including expressing their desire to continue the relationship, which can help provide quality residential options for the residents in Georgia.

The property is presently located at Macon-Bibb MSA, which is about 80 miles southeast of Atlanta. The MSA owes its popularity to its educational and cultural offerings, as being the place to reside and work. Macon continues to house a variety of companies, both local as well as multi-national companies.

Independent Writer

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Jackie Hurtado

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