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Evansville Apartments Land Fannie Mae Refi via Hunt
Hunt Real Estate Capital provided a Fannie Mae loan of $15.75 million to refinance Sugar Mill Creek Townhomes, a garden/townhouse-style apartment community in Evansville, IN. The borrower was Interprop Fund III L.P.
The loan has a 12-year fixed-rate term amortizing over 30 years, and includes a two-year interest-only period. Hunt’s Steven Cox and Ian Monk arranged the transaction.
“The borrowers have been actively involved in the local real estate industry since the formation of both InterProp Management, Inc. and the family’s construction company in 1984,” said Cox.
Evansville is located in the southwestern tip of Indiana, and has grown to become the state’s third largest city after Indianapolis and Fort Wayne. Sugar Mill Creek Townhomes sits nearly equidistant from four major cities, being 112 miles west of Louisville, 175 miles east of St. Louis, 162 miles southwest of Indianapolis and 156 miles north of Nashville.
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