January 25, 2019
Hunt Real Estate Capital has provided a $19.5-million Fannie Mae affordable multifamily loan to a Texas LLC sponsored by Los Angeles-based Avanath Capital Management (ACM). The loan financed the acquisition of the 280-unit Blunn Creek Apartments, an affordable housing community at 701 Woodward St. in Austin.
“ACM is a California-based investment firm that acquires, renovates, and operates apartment properties with an emphasis on affordable and workforce communities,” said Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital.
Hunt was able to provide four-years of interest only payments on this transaction.
“The borrower has allocated approximately $2 million in funding for a variety of interior and exterior improvements,” added Weissman. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Austin a solid opportunity for affordable housing.”
For comments, questions or concerns, please contact Paul Bubny