May 28, 2020
Hunt Real Estate Capital provided $20.8 million in refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property located in San Ysidro, CA. The borrower was Standard Communities, the affordable and workforce housing division of Standard Companies.
The new loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance premium.
Hunt Real Estate Capital’s Paul Weissman says, “The new loan facility will help improve cash flow and overall financial performance of the community.”
Rio Vista Apartments is a 161-unit multifamily property that was built in 1985 and purchased by the borrower in 2014. The 99%-occupied property consists of 12 two-story buildings, which contain a mix of two and three-bedroom floor plans. Rio Vista qualifies as broadly affordable, and is subject to a LIHTC agreement that covers 100% of the units.
For comments, questions or concerns, please contact Dennis Kaiser