August 13, 2019
Hunt Real Estate Capital provided $192.2 million in financing to facilitate the acquisition and rehabilitation of a multifamily portfolio located in New York City. The properties, all located in Brooklyn’s Bushwick neighborhood, total 1,321 units of existing New York City Housing Authority public housing.
The loans are 30-month and 36-month unfunded forward commitments for permanent, fixed-rate financing in the form of Tax-Exempt Loans to facilitate payoff of the construction financing for the NYCHA Pennrose Bundle.
The portfolio was bifurcated into two transactions, one LIHTC and the other non-LIHTC. The sponsor is a joint venture between the Acacia Network, Hunt affiliate Pennrose and NYCHA. Redstone Equity Partners also provided LIHTC equity for the LIHTC partnership.
In total, the Pennrose Bundle consists of 60 scattered-site multifamily properties in close proximity, as well as one community center building. The garden-style, mid-rise and high-rise buildings were built between 1980 and 1987.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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