NEW YORK,– Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a first mortgage bridge loan in the amount of $19.36 millionto finance the acquisition and renovation of a multifamily property located in Baytown, Texas.
The Flats at James Place is located at 2500 East James Avenue and is a garden-style, multifamily property that was built in 1973. The property is situated on an 18.9‐acre site and is comprised of 308 units in 13 two‐story residential buildings and one building that is being used as a leasing office/clubhouse.
The borrower is Olive Tree Property Holdings.
“The proceeds of the loan will be used to acquire this property and to enable the borrower to invest in some capital improvement work on-site,” noted Jeff Payne, Vice President at Hunt Real Estate Capital. “Work to improve the property will begin immediately after closing and includes a variety of interior unit enhancements and exterior improvements that will be implemented over a 22-month period.”
The property’s unit mix is comprised of 253 two-bedroom, one-bathroom units and 55 two-bedroom, two-bathroom apartments.
“The borrower is a seasoned commercial real estate and multifamily investor that owns and operates more than 2,300 units across 10 separate communities in Texas and the Southeastern U.S.,” added Payne. “We were pleased to partner with this quality sponsor to provide solid housing options for the residents of the Baytown–Houston area.”
Baytown is located in Harris County and partially in Chambers County in the Gulf Coast region of the U.S. The city is situated in the Houston–The Woodlands–Sugar Land metropolitan area. The property is located four miles from Cedar Port Industrial Park, the largest master planned rail‐and‐barge‐served industrial park in the country and the fifth largest industrial park in the world, in addition to other logistics and distribution employment centers. The strong demographic base in Houston makes it one of the fastest growing employment centers.
About Hunt Real Estate Capital
Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $28.4 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 255 professionals in 24 locations throughout the United States. To learn more, visit https://huntrealestatecapital.com/.