September 13, 2019
Hunt Real Estate Capital has provided a $31.9 million acquisition loan for Savona Grand, a 214-unit multifamily property in Lake Worth.
Located at 7132 Colony Club Dr., the property was built in 2003 and is currently 95% occupied. The seller completed more than $2 million in capital improvements since acquisition, including new appliances, cabinets, quartz countertops, plank flooring and in-unit light fixtures as well as landscaping improvements. Amenities include a community pool, heated spa, two tennis courts, a half-basketball court, children’s playground and a combination leasing office/clubhouse.
James Kelly of Hunt provided the Fannie Mae conventional multifamily loan to the borrower, Southstar Capital Group. Terms included interest-only payments, with a fixed rate for seven years.
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