September 23, 2019
Hunt Real Estate Capital secured a $37.8 million Freddie Mac loan to refinance The Sound at Navarre Beach, a 250-unit, garden-style multifamily community in Navarre, FL. The community is located within the Pensacola metro area.
The 221,820-square-foot property consists of four buildings, and was developed in 2017. The community is currently 97% occupied.
Hunt secured the financing on behalf of the borrower, an affiliate of Talos Holdings LLC. Terms of the financing included a 12-year term with six years of interest only payments, and a 30-year amortization schedule.
“The borrower has more than 30 years of experience as a multifamily owner/operator, and I have worked with him personally on several agency loans over the years,” said Chad Hagwood, senior managing director at Hunt Real Estate Capital. “He has overseen the development, renovation, and acquisition of over 5,000 multifamily units, along with 2.5 million square feet of retail space.”
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Tags: Apartments & Multifamily