August 8, 2019
Hunt Real Estate Capital provided a Fannie Mae conventional multifamily loan of $35.8 million to refinance Center Square Towers, a mid-rise apartment property in the Philadelphia suburb of Doylestown, PA. The borrower is a TIC structure related to the original 1031 exchange transaction used to purchase the property.
“Center Square Towers was purchased by the borrower in 2014, and Hunt Real Estate Capital provided $25.7 million in acquisition financing to facilitate the deal,” said Bryan Cullen, managing director at Hunt Real Estate Capital. “In 2016, we provided a supplemental loan totaling approximately $4 million.”
The latest financing features a 10-year term with five years of interest-only payments followed by amortization based on a 30-year schedule. The refi qualified for Fannie Mae Green Rewards.
Originally developed in 1975 and renovated by the current ownership, Center Square Towers comprises 330 units across two buildings.
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