Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided an $8.75 million Fannie Mae loan to refinance a multifamily property located in Little Rock, Arkansas.
Located at 418 Markham Mesa Drive, Spanish Rock Apartments was acquired by the borrower, Westland Redevelopment, LLC, a Texas limited liability company in March 2015.
“A year after acquisition, the borrower renovated the property, investing more than $5 million in capital expenditures, including HVAC upgrades as well as improvements to the building’s exterior and interiors,” noted Steven Cox, Managing Director at Hunt Mortgage Group.
Loan terms include a 10-year term, 25-year amortization period, and a 9.5 year yield maintenance period. Spanish Rock Apartments is comprised of 13 two- and three-story residential buildings plus a single story leasing office building. The property houses a total of 258 units on 8 parcels, encompassing 12.8 acres.
Property amenities include: a leasing office building with lounge, an in-ground swimming pool, outdoor picnic area, and a tennis court, which will soon be replaced with a small soccer field.
“Spanish Rock Apartments is in good condition and is currently 92% occupied,” added Cox. “The borrower is a seasoned commercial real estate and multifamily investor and repeat Fannie Mae and Hunt Mortgage Group borrower. We were pleased to deliver on this loan for a quality sponsor.”
Spanish Rock Apartments is located in a west Little Rock neighborhood, known as West Markham, within the Little Rock-North Little Rock-Conway metropolitan service area. The Property is located 7.7 miles west of the Little Rock central business district and 14.4 miles west of the Bill and Hillary Clinton National Airport.