January 30, 2019
Hunt Real Estate Capital has financed three multifamily assets that were brought to the firm by Chicago-based correspondent broker American Street Capital (ASC). Two of the assets, in the South Side’s South Shore neighborhood, required a cash-out, according to ASC; a third was a portfolio in Cleveland’s Lakewood, OH suburb.
The two South Shore Properties—the 28-unit 7200 S. Bennett Ave. and the 24-unit 7421 S. Yates Blvd.—required a total of $2.71 million in refinancing. The borrower purchased both as distressed assets from a private equity group. Currently, they’re about 93% occupied.
For 1681-1685 Lincoln Ave. and 13468 Clifton Blvd. in Lakewood, Hunt provided a $1.66-million loan to finance the acquisition of the 49-unit scattered-site portfolio. “The borrowers on all three deals are experienced commercial real estate and multifamily investors,” said managing director Josh Messier. “American Street Capital continues to be a wonderful partner of Hunt Real Estate Capital.”
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