September 12, 2019
Hunt Real Estate Capital provided a $64.14-million Fannie Mae affordable multifamily loan to finance the acquisition and renovation of Park Western Apartments, an affordable multifamily property in Los Angeles. The borrower was Park Western Housing, LP, an entity formed to acquire, renovate, and manage the property. Deal backers included SDG Housing Partners, along with Affordable Housing Access.
The 216-unit property is comprised of 14 residential buildings built in 1969. The property is located on a 7.72-acre site at 1327 West Park Western Dr. in San Pedro, CA.
The Fannie Mae M.TEB loan has a 17-year term, 40-year amortization, and provides loan proceeds to support a substantial rehab budget. This was the second largest Fannie M.TEB loan made, and featured the lowest rate closed in the program since 2016, according to RBC Capital Markets.
Hunt Real Estate Capital’s Aaron Wooler and John McAlister placed the financing.
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