August 7, 2020
Hunt Real Estate Capital recently provided a Fannie Mae DUS conventional multifamily loan for approximately $11 million to refinance Buckner Village Apartments, a 172-unit property in Dallas consisting of 24 two-story apartment buildings.
Built in 1972, Buckner Village Apartments is a garden-style workforce housing community, approximately 98% occupied. The sponsor is JAG Acquisitions LLC, a Texas limited liability company backed by owner James E. Graham, Jr., a repeat client of Hunt.
The loan features a low fixed rate, 12-year term with two years of interest only, and a 30-year amortization schedule. Duke Stone, president and co-founder of Churchill Capital Company of Dallas, served as the mortgage banker for the transaction.
“Despite the challenges posed by the COVID-19 crisis, we were able to maintain the sponsor’s requested financing proceeds, allowing them to take advantage of the historically low interest rate environment,” said Colin Cross, managing director at Hunt Real Estate Capital.
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