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Hunt Provides $25M Freddie Mac Loan for South Carolina MF
New York-based Hunt Real Estate Capital provided a $24.5 million Freddie Mac conventional multifamily loan to finance the acquisition of Lullwater at Saluda Pointe, a multifamily property in Lexington, SC. The borrower, Lullwater DE Holdings, LLC, acquired the property from Fickling & Company through a 1031 exchange.
The 280-unit, garden-style apartment community is situated on 23.3 acres, near Columbia. The 2007-built property is comprised of 11 three-story residential buildings and a one-story leasing office/clubhouse.
Hunt Real Estate Capital’s John Sloot says, “This is the type of transaction every sponsor strives to achieve. The borrower purchased an older asset in this market several years ago, improved its operations, and then sold it in order to purchase a superior repositioning opportunity in a stronger submarket.”
The borrower will invest approximately $1.56 million in capital improvements on site. John Brickson of Old Capital in Dallas arranged the acquisition financing on behalf of the sponsor.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
