Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae affordable multifamily loan in the amount of $19.5 million to finance the acquisition of a multifamily property located in Austin, Texas.
Blunn Creek Apartments is an affordable housing community located at 701 Woodward Street. Built in in 2002, the property consists of 280 housing units and is comprised of 12, three-story buildings and a leasing office and business center.
The borrower is a Texas LLC sponsored by Avanath Capital Management (ACM) that was formed in 2008 by Daryl J. Carter. Hunt Real Estate Capital was able to provide four-years of interest only payments on this transaction.
“ACM is a California-based investment firm that acquires, renovates, and operates apartment properties with an emphasis on affordable and workforce communities,” explained Paul Weissman, Senior Managing Director and head of originations for Affordable Housing Finance at Hunt Real Estate Capital.
Since its formation in 2008, ACM has acquired over 8,000 apartment properties in 12 states throughout the nation.
Blunn Creek is an affordable housing property and 100% of the units are restricted to individuals or families whose income is 60% or less of the Area Median Income.
Common area amenities include gated access, on-site management, a clubhouse, laundry facility, fitness center, business center, picnic areas, barbecue grills, covered parking, a playground and a pool. In addition, 32 units are accessible by persons with disabilities.
“The borrower has allocated approximately $2 million in funding for a variety of interior and exterior improvements,” added Weissman. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Austin a solid opportunity for affordable housing.”