November 13, 2019
Hunt Real Estate Capital provided a $9.9-million Fannie Mae conventional multifamily loan for the acquisition of Navy Yard Apartments, a 47-unit multifamily property in Boston’s Charlestown neighborhood.
Built in 1900, the property is comprised of two studios, 30 one-bedroom units, and 15 two-bedroom units. The loan term is 10-years with full term interest-only payments. The borrower is Serone Navy Yard, LLC, a newly formed, single asset entity. The borrower plans to invest just over $350,000 in capital improvements to the property, which will include USB ports, custom fixtures, backsplash, green improvements, and Wi-Fi, which will all be implemented over the next 12 months.
“Navy Yard Apartments is located in Charlestown’s historic Navy Yard, and offers residents a quiet neighborhood setting with plenty of walkable area amenities including trendy restaurants, such as Pier 6, Navy Yard Bistro, Brewer’s Fork, and the famous Warren Tavern,” said Charlie Cole, director at Hunt Real Estate Capital.
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