Hunt Finances Acquisition of Pair of AZ MF’s
Hunt Real Estate Capital provided agency loans totaling roughly $22.5 million to finance the acquisition of two multifamily properties in Arizona. Owners, The Barone Group and its strategic partners, backed both deals, which include the 224-unit Canyon Woods Apartments at 2524 W Glenrosa Ave. in Phoenix, and the 148-unit Shadow Rose Apartments at 6231 North 67th Ave. in Glendale, AZ.
“These properties are being acquired as part of a 1031-exchange from the sale of another property that Hunt Real Estate Capital financed for the borrower in 2016,” noted Hunt’s Colin Cross. “The borrower had a tight timeframe to close the acquisitions and allocate their 1031 funds, so we were thrilled that our partners at Fannie Mae and Freddie Mac stepped up to provide best-in-class financing options during a very volatile period in the debt markets.”
Churchill Capital Company’s Duke Stone represented the owners on both transactions. Acquisition, investment and asset management services were provided by Bear Holdings Group LLC.
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